Public sector units' shares rally over 12%

New Delhi: Shares of public sector enterprises as well as state-owned banks settled over 12 percent higher on Monday as benchmark indices touched record highs a day after exit polls predicted a third term for the Prime Minister Narendra Modi-led government.

Public sector units' indices jumped to fresh peaks during intra-day, in tandem with the benchmark barometers that hit new records.

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The Nifty PSU Bank Index climbed 620.15 points or 8.40 percent to settle at 8,006.15. During the day, it witnessed a steep surge and reached an all-time high of 8,053.30.

Shares of Bank of Baroda jumped 12.08 percent to close at Rs 296.90 apiece, Central Bank of India at Rs 72.30 each, State Bank of India at Rs 909.05, Canara Bank at Rs 128.90, UCO Bank at Rs 61.85 on the NSE.

Further, the scrip of Indian Bank rose 6.93 percent to settle at Rs 606.85 per piece, and Indian Overseas Bank at Rs 73.20 on the bourse.

At one point, shares of Bank of Baroda and SBI hit their 52-week highs of Rs 299.70 and Rs 912, respectively. Canara Bank too hit its 52-week on the bourse.

SBI added Rs 69,388.85 crore, taking its market valuation to Rs 8 lakh crore for the first time, becoming the first public sector bank to achieve this milestone.

Also, Nifty CPSE indices jumped 471.90 points or 7.16 percent to end at 7,059.80 points, with NTPC climbing 9.33 percent to close at Rs 392.50, Power Grid at Rs 338.00, Bharat Electronics Ltd (BEL) at Rs 319.80, and Oil & Natural Gas Corp at Rs 284 per piece.

In the intra-day trade, Nifty CPSE indices soared more than 7 percent to hit a record high of 7,105.55 points. Meanwhile, Power Grid, NTPC and BEL hit their 52-week highs on the NSE.

The broader NSE Nifty surged 733.20 points or 3.25 percent to finish at 23,263.90. During the day, the 50-share index climbed 3.58 percent to hit its lifetime peak of 23,338.70.

Also, the Nifty Bank index bounced 1,996 points or 4.07 percent to end at 50,979.95. In the intra-day trade, the bank index surged by 4.09 percent reaching an all-time high of 51,133. This significant milestone marks the first time the index has crossed the 51,000 mark, with the previous close of 48,983.95.

On Saturday, most of the exit polls predicted that PM Modi-led government will retain power for a third straight term, with the BJP-led NDA expected to win a big majority in the Lok Sabha elections.

The finance ministry on Saturday said the country's Goods and Services Tax (GST) collections grew 10 percent to Rs 1.73 lakh crore in May driven by an increase in domestic transactions, indicating a sustained economic momentum.

The government data released on Friday showed India's economy grew by 8.2 percent in the fiscal year that ended in March 2024, cementing the country's position as the fastest-growing major economy in the world.

The central government's fiscal deficit during 2023-24 at 5.6 percent of the GDP was better than previous estimates of 5.8 percent on account of higher revenue realisation and lower expenditure, according to official data released on Friday.

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