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Union Bank, Maruti Suzuki India, PI Industries Ltd, Karur Vyasa Bank, Data Patterns India, FSN E-Commerce, State Bank of India and Adani Enterprises Ltd were some of the stocks where private life insurers upped exposure in February.
Kotak Institutional Equities highlights the flawed rally in PSU stocks driven by bullish sentiments and incorrect valuation methodologies. The rally lacks meaningful change in fundamentals or structural reforms. Concerns arise about the long-term viability of PSUs due to reinvestment in sunset industries and government policies.
A total of 941,064 shares changed hands on the counter till 01:14PM (IST)
Domestic market benchmark Nifty 50 fell over half a per cent on Monday due to banking heavyweights like HDFC Bank, ICICI Bank, and SBI. Technical experts expect the index to trade in a range with potential buying above 22,600 levels and selling below 22,400 levels.
The stock quoted a 52-week high price of Rs 209.0 and a 52-week low of Rs 89.68.