The buying frenzy in public sector undertaking (PSU) stocks has contributed 70 per cent to the Rs 36,153 crore increase in market capitalisation on the Bombay Stock Exchange (BSE) in the last 6 trading sessions.
The total market cap of PSU stocks increased by 31.66 per cent or Rs 25,440 crore in the last 6 sessions.
The BSE sensex, in comparison, gained just 4.18 per cent or 138.15 points to close on Thursday at 3436.94.
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The BSE total market capitalisation has increased from Rs 5,15,302 crore on January 30,2002 to Rs 5,51,455 crore on February 7, gaining seven per cent in last six trading sessions.
PSU stocks continued to be the darling of the bourses today too, with two PSU stocks in the sensex basket -- HPCL and MTNL -- closing more than 8 per cent higher.
HPCL continued with its bull run, gaining 9.98 per cent at close at Rs 247.90, and MTNL gained 8.48 per cent at Rs 155.40.
The third sensex PSU stock, Bhel, however, lost 5.48 per cent to close at Rs 170.75. Non-sensex refinery stock BPCL too gained 10 per cent to close at Rs 322.90.
The total market cap of IOC increased by Rs 4,758 crore to Rs 15,270 crore, while ONGC's market cap increased by Rs 4,734 crore to Rs 25,018 crore.
BPCL has gained Rs 3,372 crore to Rs 9,687 crore, MTNL by Rs 2,835 crore to Rs 9,790 crore, HPCL by Rs 2,736 crore to Rs 8,399 crore and GAIL by Rs 1,074 crore to Rs 6,740 crore.
BHEL, Container corporation, National Aluminum, Neyveli Lignite and Shipping Corporation of India (SCI) are the other PSUs stocks market cap increased by more than 25 per cent during the last six trading sessions.
As a result, the weights of the three PSUs-BHEL, HPCL, MTNL in the Sensex inched up by 2.48 percentage points to 12.99 per cent in last six trading sessions.
The MTNL ADR closed at $ 6.250 on Wednesday on the Nasdaq, the all-time high after listing on the technology heavy US bourse. It was higher by 9.27 per cent against its previous close of $ 5.72. The ADR has appreciated by more than 17.19 per cent in the last two days.