NEW DELHI: Nifty 50 reached an all-time high of 22,171 largely propelled by the performance of financial and energy stocks, says Shailesh Saraf, smallcase Manager and Founder Value Stocks.
Following the recent decline in the Indian Public Sector Undertakings (PSUs) and banking stocks, investors are seeking bargains in these stocks during the ongoing market upturn, indicating that the PSU sector remains of interest to bullish investors, he said.
Technically the Nifty PSE index had rebounded from the 20 SMA level on February 13 and is currently trading near its all-time high levels of 9,564. Additionally, small-cap and mid-cap indices continue to outperform the primary benchmark indices. This can be seen in the intraday performance of power and railway stocks, he said.
The Nifty energy index also saw a 0.7 per cent increase, intraday. Tata Power Company witnessed a 2 per cent surge following the receipt of a letter of intent for the acquisition of a power project valued at 8.38 billion INR ($101 million).
Titagarh Rail Systems Ltd witnessed a surge of more than 8 per cent after announcing that it secured an order from the defence ministry for the purchase of 250 specialized wagons. Titagarh Rail Systems' stock rose sharply by 8.5 per cent to Rs 1037.55, he said.