The Nifty PSE Index, an index comprising of 20 state-run companies ended with losses of 9% for the week. This was the worst weekly performance that the index had since March 2020, which was the Covid-19 period.
With this week’s decline, the index has now posted weekly losses for six weeks in a row.
All 20 constituents of the PSE index reported losses for the week. IRCTC was the best performing stock on the index for the week, declining only 2.6%. On the other hand, NMDC was the worst performer on the index with a 17% drop for the week.
Eight out of the 20 constituents on the PSE index reported losses in excess of 10% for the week.
| Stock | Weekly Drop |
| NMDC | -17% |
| BHEL | -15.83% |
| SAIL | -12.38% |
| BEL | -12.24% |
| Oil India | -11.82% |
| PFC | -11.34% |
| CONCOR | -10.25% |
| NTPC | -10.20% |
Brokerage firm Kotak Institutional Equities, in a note earlier this week, highlighted that the entire rally in PSU stocks is due to bullish top-down sentiment around PSUs and there has been no significant fundamental changes in many of these companies.
On the flip side, Jefferies in its note on Thursday mentioned that it is looking at select PSU stocks in this recent correction, though it did not specify the stocks it is betting on.
Read More: Nifty PSE index posts worst week in four years; all 20 stocks post losses