Global Markets
Home›Global Markets›Asia›Power and electrical stocks rise after Indian equities…
Power and electrical stocks rise after Indian equities rebound
The rally came as the Nifty 50 snapped its longest weekly losing streak in 25 years, aided by softer crude oil prices and less aggressive expectations for US Federal Reserve tightening.
Shares of CESC, Transformers and Rectifiers (India), RR Kabel, PG Electroplast, and TD Power Systems rose on Monday, Oct. 5, with gains of up to 8%, though the drivers varied by stock.
CESC rose around 4%, Transformers and Rectifiers gained 6%, RR Kabel advanced 5.2%, PG Electroplast climbed 4%, and TD Power Systems jumped nearly 8%, with some moves linked to company specific developments and others supported by buying during a broader market recovery.
LiveMint Markets said Indian equities rebounded after the Nifty 50 posted its longest weekly losing streak in 25 years, a turn attributed to softer crude oil prices and reduced expectations of aggressive US Federal Reserve tightening.
A technical analyst cited by LiveMint Markets said the power and electrical sector remains technically positive, with many stocks holding higher top, higher bottom patterns and trading above key moving averages.
Latest closeWTI crude $91.26 ▼1.7%