Benchmarks trade with small losses; Oil & gas stocks advance

Domestic equity barometers traded continued to trade in a narrow range in mid-afternoon trade. The Nifty traded below the 20,950 mark. Oil& gas shares extended gains for eight consecutive trading session.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 101.72 points or 0.15% to 69,552.01. The Nifty 50 index lost 21.85 points or 0.10% to 20,915.85.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.62% while the S&P BSE Small-Cap index added 0.37%.

The market breadth was positive. On the BSE, 2,211 shares rose, and 1,515 shares fell. A total of 131 shares were unchanged.

The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) commenced its meeting on 6 December 2023. RBI Governor Shaktikanta Das is scheduled to announce the MPC decision on the final day of the meeting on Friday, 8 December 2023.

Buzzing Index:

The Nifty Oil& Gas index jumped 0.72% to 9,108.35. The index rallied 11.61% in eight trading sessions.

Adani Total Gas (up 9.77%), Aegis Logistics (up 4.95%), Indraprastha Gas (up 1.67%), Mahanagar Gas (up 1.5%) and Petronet LNG (up 1.49%), Indian Oil Corporation (up 1.38%), GAIL (India) (up 1.21%), Gujarat State Petronet (up 1.2%), Bharat Petroleum Corporation (up 0.42%) advanced.

On the other hand, Oil & Natural Gas Corpn (down 1.66%), Oil India (down 1.53%) and Castrol India (down 0.61%) declined.

Numbers to track:

The yield on India`s 10-year benchmark federal paper fell 0.03% to 7.246 as compared with previous close 7.248.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3425, compared with its close of 83.3225 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.17% to Rs 62,544.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.27% to 103.88.

The United States 10-year bond yield advanced 1.08% to 4.163.

In the commodities market, Brent crude for February 2024 settlement fell 58 cents or 0.78% to $74.88 a barrel.

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