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An analysts from StoxBox said that Cochin Shipyard has witnessed a parabolic surge of 923 per cent from March 2023 lows. The RSI across daily and higher timeframes is trading in its overbought zone.
PSUs often play a significant role in the Indian economy, and their fortunes can be tied to government policies and directives, analysts said.
During the election season, PSU stocks, also known as 'Modi stocks', surged in value by Rs 7 lakh crore as investors showed confidence in PM Narendra Modi's policies and leadership, especially in defence PSUs like Cochin Shipyard and Bharat Dynamics.
231 smallcaps suffer double-digit losses as investors 'sell in May'. Will they come back in June? The stock market cliche of 'sell in May and go away' proved true this year amid general election uncertainties. Concerns over BJP's election performance and significant volatility affected investor sentiments. Benchmark indices like Sensex and Nifty experienced slight declines.
In the period, the worst stock was Bharat Petroleum Corporation Ltd which gave 82 per cent return.