Rooftop Solar Boost Sparks Rally in Green Stocks, RIL at All-Time High

2 Feb 2024 , 12:27 PM

Following the budget day, green energy stocks saw a surge as the Nifty climbed over 240 points and the BSE Sensex surged over 800 points.

While Suzlon shares are up more than 3%, shares of KPI Green, KPEL Energy, Waree Renewables, Orient Green power, Websol Energy Systems, and Gensol Engineering are stuck in the upper circuit.

Inox Wind shares rise by 3%, while IREDA shares improve by more than 2.5%.

NHPC, SJVN, NTPC, and Power Grid are among the state-run power sector corporations that the government plans to enlist in its push to get families to accept the rooftop solar scheme. Top of the BSE gainers list are shares of Power Grid, which are also trading at all-time highs.

The market anticipates a budgetary push for renewable energy.

The BSE PSU index is dominating the index gainer list with gains of more than 1.76%, while all sectoral indices are trading in the green. After rising more than 7%, BEML shares are now trading above ₹4,000 for the first time and at all-time highs. The railways pack’s Jupiter Waggons are now trading up more than 3%.

The biggest PSU gainers are NCL India, NBCC, and Hudco, which have increased by more than 16%, 9%, and 5%, respectively.

Over 25% of the BSE Sensex gains were also attributed to RIL’s shares, which reached a new all-time high. Castrol is the biggest index gainer, up more than 5%, while the Nifty Oil & Gas index is up more than 2%. Trades for BPCL, HPCL, and IOC show gains of more than 2% apiece.

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