PSU stocks among top gainers in trade

Mumbai, May 2 (IANS) PSU stocks were making strong gains on Thursday with the sectoral index up by 1.7 per cent.Among the PSU stocks, MOIL is up more than 8 per cent, PFC is up more than 6 per cent, BHEL is up more than 4 per cent, BPCL is up more than 4 per cent, and RITES is up more than 3 per cent.Powergrid is the top Sensex gainer, up by 4 per cent. REC is up more than 8 per cent, and HPCL is up more than 7 per cent.Infrastructure stocks are also gaining with the index up by 1.6 per cent. CESC is up more than 4 per cent, NTPC is up 2 per cent.The market breadth is positive with 51 per cent of the stocks advancing and 44 per cent declining.BSE Sensex was trading at 74,731 points, up by 249 points.V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said that the domestic cues are strongly positive. The GST collection for April setting a record of Rs 2.1 trillion indicates a booming economy. India’s GDP is estimated to have grown by 7.6 per cent in FY24 and is expected to continue the growth momentum with above 7 per cent growth in FY25, too. “In April while the S&P 500 is down by 4.2 per cent, Nifty is up by 0.7 per cent. This outperformance can continue, he said.The sharp 5 per cent decline in crude is negative for ONGC and positive for tyres, paints and adhesives which use petroleum as inputs, he added.--IANSbiz/san/uk

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