Shares of public sector undertaking (PSU) companies were in focus as the S&P BSE CPSE index hit an over three-year high following a strong rally in REC, Power Finance Corporation (PFC), Coal India and Power Grid Corporation, which were up 5 per cent in an otherwise weak market.

At 11:14 am, the S&P BSE CPSE Index was up 2.3 per cent, compared to a 0.45 per cent fall in the benchmark Sensex. The CPSE index has been trading at its highest level since June 2018.

The S&P CPSE index is designed to measure the performance of Central Public Sector Enterprises (CPSEs) listed at BSE. CPSEs are companies in which 51 per cent or more of the direct holding belongs to the Central Government of India.

Shares of Oil and Natural Gas Corporation (ONGC), PFC, Coal India, Indian Oil Corporation and NTPC from the CPSE index were trading at their respective 52-week highs level on the BSE.

ONGC hit a fresh 52-week high of Rs 142.45, up 2 per cent amid bullish momentum in global natural gas prices. Shares of state-owned electric utility company NTPC too registered a fresh 52-week high at Rs 132.10, up 4 per cent on the BSE in Tuesday’s intra-day trade after the company confirmed that it had won 1.9 GW solar projects under Central Public Sector Undertaking (CPSU) scheme.

Stock Covered in the news

Oil and Natural Gas Corporation (ONGC)-View Detailed Analysis