Modi rally charges up power, infra stocks
Banking on upturn in Indian economy, foreign brokerages upgrade Sensex targets
The Modi effect continued to create ripples in the market on Monday, the first full trading session since the election outcome. Though the benchmark indices gained just one per cent, the real action was seen in the small- and mid-caps, especially in companies dependent on the domestic economy.
Investors dumped shares in the technology, pharma and consumer goods space – which had been market darlings for the past few years – for stocks in the power and infrastructure sectors, which until recently had become untouchables, with their valuations crashing to historic lows.
Stocks in the power, infrastructure and realty sectors saw heavy buying on Monday. JP Power surged 30 per cent, while GMR Infra gained 18 per cent and Reliance Infra 17 per cent. Several state-owned firms also got a boost: BHEL and Coal India vaulted 12 per cent each. (MODIFIED MARKET DYNAMICS)
For more visit: Business Standard
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