Nine of 10 stocks in BSE 500 universe gained during Budget-fuelled rally

Nearly 90 per cent of the stocks in the BSE 500 index — accounting for 94 per cent of India’s total market cap — gained in the Budget-fueled rally last week. 

Of the 441 stocks that gained, only 147 outperformed the BSE 500 index, which has risen 8.6 per cent in the past five trading sessions.  Public sector undertakings (PSUs) dominated the list of outperformers. 

Indian Bank and State Bank of India gained 44.4 per cent and 39 per cent, respectively. Canara Bank, Bank of Baroda, BHEL, and Punjab National Bank were the other major PSU gainers, each surging more than 20 per cent. Fewer than half a dozen stocks fell more than 5 per cent last week. 

Among them were Jindal Stainless, Future Retail, and Godrej Agrovet.