Indices trade with major losses; oil & gas shares decline

The key equity indices extended losses in the morning trade. The Nifty traded near 22,150 mark after hitting day`s high of 22,307.75 in early trade. Oil & gas shares fell after advancing in the past trading session. Trading could be a volatile due to the expiry of weekly index options on the NSE.

At 10:30 IST, the barometer index, the S&P BSE Sensex slipped 502.74 points or 0.71% to 72,945.65. The Nifty 50 index declined 150.30 points or 0.67% to 22,152.20.

In the broader market, the S&P BSE Mid-Cap index shed 0.48% and the S&P BSE Small-Cap index fell 0.60%.

The market breadth was weak. On the BSE, 1,288 shares rose and 2,112 shares fell. A total of 168 shares were unchanged.

Results Today :

HPCL (down 1.14%), SBI (up 0.44%), Rain Industries (down 0.45%), Abbott India (down 1.04%), Escorts Kubota (down 2.23%), BPCL (down 1.50%), Asian Paints (down 0.51%), Vardhman Textiles (down 0.60%), Alkyl Amines Chemicals (down 1.37%), Timken India (up 5.41%), Relaxo Footwears (up 1.93%), Indian Overseas Bank (down 1.06%), Punjab National Bank (up 0.88%), Mahanagar Gas (down 1.08%), Computer Age Management Services (down 3.07%), Alembic Pharmaceuticals (up 0.25%), Quess Corp (up 0.03%) and Orient Electric (down 0.13%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Oil & Gas index slipped 1.13% to 11,446.25. The index advanced 1.77% in past the trading session.

Indraprastha Gas (down 1.84%), Oil India (down 1.55%), Gujarat State Petronet (down 1.29%), Bharat Petroleum Corporation (down 1.16%), Oil & Natural Gas Corpn (down 1.12%), Castrol India (down 1.1%), Indian Oil Corporation (down 1.01%), Mahanagar Gas (down 0.95%), Reliance Industries (down 0.81%) and Gujarat Gas (down 0.78%) declined.

Stocks in Spotlight:

Rail Vikas Nigam shed 0.80%. The company said that it has received Letter of Acceptance from South Eastern Railway for a project worth Rs 167.28 crore.

Nucleus Software Exports shed 0.58%. The company said that its board has approved the appointment of Surya Prakash Kanodia as the chief financial officer (CFO) with effect from May 8, 2024.

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