Reshuffling in certain portfolios behind rally in power stocks: Deepak Shenoy

In an interview with ET Now, Deepak Shenoy, Founder, Capital Mind, shares his view on the possible reason behind the rally in power stocks on Tuesday.

ET Now: I am just wondering whether there is something that you are hearing in the power space. A couple of power stocks were buzzing in trade on Tuesday. Adani Power was up, so do others such as Reliance Power, JSW Energy and Tata Power. What could be the possible reason?

Deepak Shenoy: Good point. A lot of activity that we are seeing on these counters in the last few days is all about rumour or unconfirmed news-led rally. I would not like to speculate on that because we have seen in the past how these can be damaging.

I would personally think that sometimes there is just a reallocation among investors and that drives certain stock portfolios. I will attribute it to that right now, until I hear more news. There are obviously cetrain rumours going around in the market, but you get five rumours for every true story. Am I right?