PSU

After opening with a negative note, the market slipped into further weakness soon after the opening. It later showed minor upside recovery from the lows, but was not able to sustain the recovery towards the end, he said.

While BSE Sensex plunged 483 points to close at 65,512, Nifty declined 141 points to end at 19,512.

The Nifty-50 reached the milestone of 20k last month.

While Nifty fell 159.05 points, or 0.90 per cent, to close at 19,742.35, Sensex plunged 570.60 points, or 0.85 per cent, to settle at 66,230.24.

State freebies have already started in a big way. The fiscal performance is weak year-to-date (YTD) with tax collections 3 per cent YoY (Apr-Jul), vs budgeted 10 per cent for FY24. A slowing nominal GDP (+8 per cent in Q1) and rising oil prices / potential populist pressures will restrict tax revenue surprise.

Lower deposit-to-credit ratio, focusing more on high-yield products, and introducing technology into PUS banks would all help the sector's banks attracting more investors by boosting profitability and fostering development, says Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

Apart from IRFC, other railway stocks were also up including RVNL up by 11 per cent, IRCON up by 7 per cent.