Stock Market stands tall on rail & shipyard legs
Image credit @NSEIndia
Amit Shah interview cheers investors as Sensex reclaims 73000 levels
By S Jha
New Delhi, May 14: Sensex on Tuesday gained over 328 points to regain the 73000 levels. Nifty also vaulted by over 113 points to take comforts from the 22200 levels. Bank Nifty was highly volatile, but closed with gains of over 100 points amid choppy trade.
Investors appear to have bought the dips in the market. The turnaround in the equity market in the second half of yesterday further was extended in Tuesday’s session. Bulls as per market participants entered the ring to lap the value buying opportunity.
The stock market turnaround coincided with the interview of Union Minister for Home Affairs Amit Shah to NDTV Profit. Shah, incidentally, claimed in the interview that the stock market will shoot up after June 4. He advised that the people should buy stocks before June 4.
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Incidentally, the indices had gone into deep corrections until the first half of yesterday. Nifty as per market participants had crashed through most of the short term support levels. Bank Nifty has been smashed by the bears.
The turnaround in the stock market brought tidal waves in fortune for the rail scrips. The likes of Indian Railway Finance Corporation, Rail Tel, Rail Vikas Nigam, and IRCON saw massive buying interests from investors in Tuesday’s session.
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The rail stocks as per market participants had bottomed out. They said that the rail stocks had seen “pump and dump” in the run up to the presentation of the interim Budget.
The market participants also said that there was strong value buying in the rail stocks. Incidentally, the strong rally in the railway space was limited to the PSU stocks from the sector. The likes of Jupiter Wagons, Titagarh Wagons, and others were neutral to positive,
The geostrategic play continues to lift the shipyard scrips in the stock market. Cochin Shipyard and Mazagon Dock Shipyard were higher by more than 10 per cent on Tuesday. The Kolkata-based Garden Reach Shipyard was also strong.
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Incidentally, Mazagon Dock Shipyard has launched a new nuclear submarine Arowana Midget.
The shipyard companies in the public sector space have strong order books. They are also benefiting from the emerging the naval show of strength between China and the QUAD nations in the Indo Pacific.
Auto sector stocks also gained on Tuesday, Hero Moto Corps for the first time closed above ₹5000 level. Mahindra and Mahindra also gained firmly. (Disclaimer: This article makes no recommendation for buy or sell of shares of any company)
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