Benchmarks turn rangebound, oil & gas shares advance

The domestic equity benchmarks traded in a narrow range with modest gains in early afternoon trade. The Nifty traded above the 21,550 mark. Oil & gas shares extended gains for the second consecutive trading session.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 420.32 points or 0.59% to 71,607.18. The Nifty 50 index added 124.85 points or 0.58% to 21,587.10.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.97% and the S&P BSE Small-Cap index rose 0.89%.

The market breadth was strong. On the BSE, 2,481 shares rose and 1,233 shares fell. A total of 133 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, shed 0.03% to 14.07. The Nifty 25 January 2024 futures were trading at 21,599, at a premium of 13.7 points as compared with the spot at 21,585.30.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 84.8 lakh contracts at the 22,500 strike price. Maximum Put OI of 63.7 lakh contracts were seen at 20,500 strike price.

IPO Update:

The initial public offer (IPO) of EPACK Durable received bids for 68,15,315 shares as against 1,99,77,615 shares on offer, according to stock exchange data at 12:39 IST on Friday (19 January 2024). The issue was subscribed 0.34 times.

The issue opened for bidding on Friday (19 January 2024) and it will close on Tuesday (23 January 2024). The price band of the IPO is fixed at Rs 218-230 per share. An investor can bid for a minimum of 65 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Oil & Gas index gained 0.96% to 10,287.55. The index advanced 1.57% in the two trading sessions.

Oil India (up 5.04%), Mahanagar Gas (up 2.67%), Gujarat State Petronet (up 2.43%), GAIL (India) (up 2.29%) and Oil & Natural Gas Corporation (up 2.16%), Castrol India (up 1.78%), Petronet LNG (up 1.69%), Indraprastha Gas (up 1.23%), Adani Total Gas (up 1.2%) and Aegis Logistics (up 1.09%) rallied.

Stocks in Spotlight:

Tata Consumer Products rose 0.20%. The company`s board has approved a proposal to raise funds through the issuance and allotment of commercial papers (CPs), for an amount not exceeding Rs 3,500 crore, to be utilized for bridge funding to facilitate the payment of consideration for proposed acquisition of stakes in Capital Foods and Organic India.

The board has also accorded its approval to raise funds by way of issue of equity shares of the company of face value Re 1 each through rights issue for an amount not exceeding Rs 3,000 crore to the eligible equity shareholders of the company as on the record date, subject to receipt of statutory / regulatory approvals.

State Bank of India (SBI) shed 0.14%. The PSU bank said that it raised Rs 5,000 crore through its second Basel III compliant Tier 1 bond for the current financial year. These non-convertible, taxable, redeemable, subordinated, unsecured, fully paid-up Basel III compliant Tier 1 bonds are in the nature of debentures having face value Rs 1 crore each.

Glenmark Life Sciences gained 3.53% to after the firm said that it has signed a master supply agreement (MSA) with a Japanese innovator pharmaceutical company with global presence in Europe, United States and Asia.

Innova Captab jumped 4.88% after the company�s consolidated net profit jumped 22.06% to Rs 22.91 crore in Q3 FY24 as against Rs 18.77 crore posted in Q3 FY23. The scrip hit a 52-week high of Rs 590 in today�s intraday session.

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