Public Sector Bank Stocks Top Gainers in September 2023, Says Report

New Delhi, October 4:All major sectors end higher in September with PSU Banks (+18 per cent), Telecom (+9 per cent), Utilities (+7 per cent), Oil & Gas (+6 per cent), and Capital Goods (+6 per cent) as the top gainers, while media (-1 per cent) was the only laggard, according to a report by Motilal Oswal Financial Services. The Nifty-50 reached the milestone of 20k last month.

After a volatile and long journey from 18k to 19k, the Nifty-50 added the next 1,000 points (19k to20k) relatively quickly in only 52 trading days (July-September) vs. 425 trading sessions (October21-June23) during its journey from 18k to 19k. SBI, PNB on Niti Aayog List of Public Sector Banks To Be Privatised? Government Debunks Fake News Reports About Bank Privatisation.

Despite the headwinds, however, the Nifty-50 managed to recover from its Jun’22 and Mar’23 lows to reach 20k, mainly fueled by strong FII/DII inflows of $19b/$9.3b between Mar’23 and Sep’23. FIIs turned sellers of $2.3b in September after remaining net buyers for six months, as per a report by Motilal Oswal Financial Services.

FII and DII flows stand at $14.7b and $15.7b, respectively, in CY23YTD. DIIs recorded notable inflows of $2.4b in Sep’23 as well after $3.0b of inflows in Aug’23, the report said. SBI Becomes Most Profitable Company in India, Reports Higher Profits Than Reliance Industries.

“We reckon the upside from here will be a function of stability in global and local macros and continued earnings delivery vs. expectations. Moreover, we note that during the last five General Elections (1999-2019), the Nifty-50 rallied 10- 32 per cent six months prior to the announcement of election results. India will be going into General Elections in Mar-May’24,” the report said.

(The above story first appeared on LatestLY on Oct 04, 2023 01:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).