BAROMETER TRADE WITH MINOR GAINS; OIL & GAS SHARES RISES

The domestic equity indices traded with small gains in early afternoon trade. The Nifty traded near the 23,550 mark. Oil & Gas shares gained after declining in the past two consecutive trading sessions. Trading could be volatile due to weekly F&O series expiry today.

At 12:30 IST, the barometer index, the S&P BSE Sensex was up 78.7 points or 0.10% to 77,418.05. The Nifty 50 index added 34.20 points or 0.15% to 23,550.20.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.45% and the S&P BSE Small-Cap index gained 1.04%.

The market breadth was strong. On the BSE, 2,381 shares rose and 1,365 shares fell. A total of 139 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 1.25% to 13.54. The Nifty 27 June 2024 futures were trading at 23,571.90, at a premium of 18 points as compared with the spot at 23,553.90.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 77.7 lakh contracts at the 24,000 strike price. Maximum Put OI of 73.8 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index added 1.11% to 12,011. The index slipped 1.78% in the past two consecutive trading sessions.

Aegis Logistics (up 3.16%), Castrol India (up 2.63%), Mahanagar Gas (up 1.93%), GAIL (India) (up 1.62%), Bharat Petroleum Corporation (up 1.41%), Indian Oil Corporation (up 1.4%), Hindustan Petroleum Corporation (up 1.22%), Reliance Industries (up 1.22%), Gujarat State Petronet (up 1.04%) and Indraprastha Gas (up 0.97%) advanced.

Stocks in Spotlight :

Vedanta rallied 5.89% after the mining company�s board has considered and approved fund raising of Rs 1,000 crore by issuing non-convertible debentures (NCDs) on private placement basis.

Best Agrolife soared 16.49% after the company�s wholly owned subsidiary, Seedlings India has been granted licence for 3 insecticides by Central Insecticides Board & Registration Committee (CIBRC).

Tanfac Industries zoomed 9.46% after the company announced the signing of a framework agreement worth revenue of $81 million (Rs 675 crore) over next 5 years with one of the leading Japanese Specialty Chemical company.

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