Rail, defence, PSU stocks in focus ahead of Budget

Shares of railway, defence and PSU stocks rose up to 2% on Tuesday on BSE ahead of the Union Budget, scheduled to be presented by the Finance Minister at 11 am.

Among railway stocks, RailTel gained the most, rising 3% to Rs 537.50, while other stocks like Ircon International, IRCTC, IRFC and RVNL were trading flat. Titagarh Rail Systems was also trading flat with a negative bias, whereas Texmaco Rail was trading with a loss of 1.2% at Rs 273.75.

In the defence sector, Cochin Shipyard and DCX Systems were the highest gainers with an increase of over 2%. Kaynes Technology shares rose 1.3% to Rs 3,988.40 on BSE. Shares of Mazagon Dock Shipbuilders, Paras Defence & Space Tech, HAL, Data Patterns and Bharat Forge were trading flat.


Also read: Track all the Union Budget and stock market updates here

During the Budget, market participants will keep a keen eye on PSU stocks. Ahead of the Budget speech, PSU stocks were broadly trading in a negative-to-flat note. Around 10:30 am, only 10 PSU stocks were trading in green as per the BSE data.

OIL, Cochin Shipyard, RCF, GMDC, BEML, NTPC, Gujarat Gas, NMDC Steel, Concor and LIC gained up to 3% on BSE while the top losers of the sector are MRPL with a decline of 3.7%, National Aluminium by 3% and Hindustan Copper by 2.8%.

These sectors have been having a dream rally in recent times. Many stocks within these sectors have given multibagger returns to its investors.

Amid the expectation of the government’s focus on infrastructure, these sectors are likely to remain in focus on Tuesday.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)