Majority government owned companies are seeing solid buying support in trade today. Out of the top 5 Nifty gainers, four are stocks from PSU space.
BPCL is up 11 per cent in trade, while GAIL is up 8 per cent and ONGC has gained 7 per cent in trade. Indian Oil Corporation was the fourth biggest gainer from the Nifty jumping 6.71 per cent in trade. Coal India saw decent gains and was up 4.2 per cent.
Decent dividend yields
Some of these stocks maybe good for their dividend yields as well. For example, based on dividend for FY 2019-20, Coal India dividends is more than 9 per cent. Similarly, for Indian Oil Corporation and ONGC, where the dividend yields can be pretty high going forward.
It is likely that some of these stocks may continue to see buying support, given the way that have been battered in the last few weeks.