PSU Stock Crash: For the second consecutive trading session, a huge decline is being seen in the stocks of government companies. Heavy selling is being seen in the stocks of Railways, Defence, Power and government banks. Nifty's CPSE index is trading down by around 3 percent. Nifty PSE is trading with a decline of 2.44 percent while Nifty PSU Bank index is trading with a decline of 3.32 percent.
Break on the rise in government bank stocks
After the continuous rise in the stocks of public sector banks for the last several sessions, now a big decline is being seen in these shares. Indian Overseas Bank is trading with a decline of 8.55 percent, Central Bank 7.87 percent, Punjab and Sindh Bank 7.13 percent, Bank of Maharashtra 6.74 percent, UCO Bank 5.86 percent, Indian Bank 5.13 percent, Union Bank 4.64 percent.
Railways – Profit booking in defense stocks
Talking about stocks related to railway sector, IRFC is trading with a decline of 10 percent, Rail Vikas Nigam Limited by 8 percent, IRCTC by 2.40 percent, RITES by 7.20 percent, BEML by 8.10 percent, RailTel by 4 percent. There is also a big decline in defense sector stocks. In which Bharat Dynamics is trading with a decline of 11 percent, Cochin Shipyard 7 percent, Hindustan Aeronautics 3.01 percent, Garden Rich Shipbuilders 8.24 percent, Mazgaon Docks 2.72 percent.
Power stocks fuse cut!
Investors are making huge profits in government stocks of power sector. SJVN is trading with a decline of 20 percent, NHPC 9.30 percent, REC 4 percent and IREDA 5 percent. Shares of government oil companies are also trading in decline. BPCL is trading down by 2092 percent, IOC by 2.33 percent, HPCL by 1.25 percent, ONGC by 2 percent and Engineers India by 9 percent.
Market mood deteriorated due to fall in PSU stocks
The market cap of the Indian stock market has fallen by Rs 6 lakh crore in today's session. Selling in shares of government companies has a major contribution in this decline. BSE market cap has decreased to Rs 380.63 lakh crore which was Rs 286.43 lakh crore in the last session.
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