Broader market underperforms; oil & gas shares edge higher

The key equity barometers traded with significant gains in mid-morning trade. The Nifty marched towards the 21,750 mark. Oil & gas stocks recorded across the board buying.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 257.12 points or 0.36% to 72,295.55. The Nifty 50 index advanced 78.55 points or 0.36% to 21,733.30.

In the broader market, the S&P BSE Mid-Cap index added 0.36% and the S&P BSE Small-Cap index gained 0.17%.

The market breadth turned negative. On the BSE, 1756 shares rose and 1870 shares fell. A total of 154 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index added 1.16% to 9,508.30. The index had declined 0.29% to 9,399.40.

Hindustan Petroleum Corporation (up 4.36%), Petronet LNG (up 2.8%), GAIL (India) (up 1.88%), Indian Oil Corporation (up 1.62%) and Linde India (up 1.59%) were the top gainers.

Among the other gainers were Bharat Petroleum Corporation (up 1.12%), Indraprastha Gas (up 0.69%), Reliance Industries (up 0.44%) and Oil & Natural Gas Corp (up 0.41%).

Stocks in Spotlight:

KEC International was up 0.19%. The company has received new orders worth Rs 1,566 crore across multiple business verticals.

Suzlon Energy added 3.10%. The company has bagged a 300-MW order for 3 MW series from Apraava Energy The order is for to install 100 wind turbine generators in Karnataka

PTC Industries rose 1.10%. The company and Nasmyth signed a memorandum of understanding for collaboration to leverage their capabilities for offering solutions to defence and aerospace customers in India and globally.

Petronet LNG gained 2.96%. The company signed the binding transaction documents with Gopalpur Ports for the setting up of an LNG terminal on the east coast of India.

Lupin advanced 1.95%. The pharma major announced that it has received approval from the US FDA for its abbreviated new drug application for Loteprednol Etabonate Ophthalmic Suspension.

Global Markets:

In Asian markets, stocks advanced due to expectations of more aggressive rate cuts.

On Wednesday, US stocks closed higher, with the S&P 500 inching up to 4,781.58 and the Nasdaq Composite adding to 15,099.18. The Dow Jones Industrial Average also rose by 111.19 points to close at 37,656.52.

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