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Multi-bagger Railway, PSU stocks take a big hit after record rally
The Morning Standard
|February 13, 2024
SHARES of many 'multi-bagger' state-owned companies took a big beating on Monday as muted third-quarter earnings numbers and lack of fresh triggers are said that jittered investors' sentiments and raised valuation concerns.
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The BSE PSU index, the key barometer of PSU (public sector undertaking) stock, fell 4.44% on Monday to close at 17,564 points. The selloff was so widespread that of the 56 constituents of the index, 55 ended the session in red.
Only Power Grid. Corp managed to close with a little. gain of 0.02%.
The fall in PSU stocks came as overall market sentiment was weak. The benchmarks- BSE Sensex and NSE Nifty50 fell about 0.75% each on Monday. The midcap and the smallcap indexes underperformed and fell about 3% each.
This story is from the February 13, 2024 edition of The Morning Standard.
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