Extending their gains for the second straight session, the BSE Sensex and NSE Nifty gained 2 per cent on Wednesday on the back of firm global cues. Sentiments remained up-beat since start as key bourses opened with a huge gap on the up-side and traded in tight band throughout the session as talk of a rate cut by the Reserve Bank gained momentum following the government’s commitment to the fiscal deficit road map as displayed in the Budget while the rupee rose against the dollar, which supported the upbeat mood.
The 30-share index Sensex closed 463.63 points up at 24242.98, while the 50-share index Nifty settled 146.55 points up at 7368.85.
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Below are the top 11 stocks that are trending in Wednesday’s trade
Jindal Steel and Power Ltd (JSPL): Share price soared 2.68 per cent at Rs 57.45 following reports that the steel company is exploring partial or complete sale of power assets.
PSU Banks: Shares of state-run banks soared by up to 12 per cent after Reserve Bank announced amendments to recognise more balance sheet items as common equity tier-I capital which will help unlock up to Rs 35,000 crore for these lenders impacted by asset quality troubles. Shares of public lenders such as State Bank of India and Punjab National Bank surged 11 per cent and 6.65 per cent, respectively.
Cement stocks: Stocks of Cement companies extended gains for the second day after Finance Minister Arun Jaitley announced higher investment on infrastructure sector in the Union Budget 2016-17 early this week. JK Cement, Shree Cement and UltraTech Cement closed in green.
IRB Infrastructure Developers: Stocks of IRB Infrastructure remained in news after the company said that the government have decided to cancel the bid process for Jammu & Kashmir project without assigning any reasons. Shares of the company closed 0.72 per cent up at Rs 225.10.
Inox Wind: Stocks of Energy solutions provider closed over 3 per cent up after it bagged a 20 megawatt (MW) wind power project from PTC Energy Limited in Madhya Pradesh.
Bharat Heavy Elecricals Ltd (BHEL): Stocks of state-run power equipment maker settled nearly 5 per cent up at Rs 97.25 as it has bagged an order worth Rs 5,600 crore for 1,600 MW power plant from Tamil Nadu Generation and Distribution Corporation (TANGEDCO).