Analysts, however, cautioned investors against buying into the sentiment-driven frenzy, instead advising them to wait for clarity on policy implementation by the incoming administration and impact on company earnings.
Shares of CESC, the Kolkata-based flagship company of the RP-Sanjiv Goenka Group, which supplies electricity to the state capital and other parts of West Bengal, rallied over 6.5%. West Bengal-based tea companies McLeod Russel India, and Dhunseri Tea saw their share prices rise 5% and 3%, respectively. Bandhan Bank jumped 3.4%, while Emami climbed 2.6%.
Agencies“This looks like a classic sentiment-driven rally rather than a structural rerating,” said Gautam Duggad, head of research – institutional equities at Motilal Oswal Financial Services.
