From Coal India to ONGC, shares of PSUs log biggest gain in four months

Shares of several public sector undertakings (PSUs) rebounded on Thursday, even as the benchmark indices ended flat.

Market experts say the sharp jump was on account of value buying, as valuations in several counters have hit rock-bottom levels. The NSE PSE index — a gauge for performance of 20 PSUs — rose 3.12 per cent, its most since May 20. 

Among its constituents Coal India rose 7.3 per cent, ONGC 5.3 per cent, BPCL 4.5 per cent, and Nalco and Indian Oil by above 3 per cent each.

Most of these have seen a sharp drop this year and quote in single-digit price-to-earnings