Broader markets outperform; oil & gas shares rise for 3rd day

The key equity barometers continued to trade with strong gains in early afternoon trade. The Nifty was currently at the 18,150 level. Oil & gas stocks witnessed strong buying demand for third consecutive session.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 272.35 points or 0.45% to 61,384.79. The Nifty 50 index added 85.05 points or 0.47% to 18,150.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.80% while the S&P BSE Small-Cap index gained 0.82%.

The market breadth remained strong. On the BSE, 2,107 shares rose and 1,370 shares fell. A total of 195 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, zoomed 8.97% to 11.93. The Nifty 25 May 2023 futures were trading at 18,218.45, at a premium of 68.4 points as compared with the spot at 18,150.05.

The Nifty option chain for the 25 May 2023 expiry showed maximum Call OI of 26.1 lakh contracts at the 18,500 strike price. Maximum Put OI of 33.2 lakh contracts were seen at 17,500 strike price.

Buzzing Index:

The Nifty Oil & Gas index rose 1.05% to 7,570.30. The index has added 2.28% in three sessions.

Oil & Natural Gas Corp (up 2.96%), Castrol India (up 1.63%), Adani Total Gas (up 1.38%), Hindustan Petroleum Corporation (up 1.15%) and Bharat Petroleum Corporation (up 1.02%) were the top gainers.

Among the other gainers were Indian Oil Corporation (up 0.98%), GAIL (India) (up 0.84%), Oil India (up 0.8%), Reliance Industries (up 0.62%) and Aegis Logistics (up 0.61%).

Concurrently, Gujarat Gas (down 0.24%), Indraprastha Gas (down 0.23%) and Gujarat State Petronet (down 0.09%) turned lower.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) rose 0.47%, M&M announced that its overall auto sales for the month of April 2023 stood at 62,294 vehicles, up by 36% from 45,640 vehicles sold in the same period last year. M&M`s Farm Equipment Sector (FES) sold 36,405 tractor units in April 2023 as against 40,939 tractor units in the same period last year, recording a de-growth of 11% on YoY basis.

L&T Finance Holdings gained 0.99%. The company`s consolidated net profit jumped 46.4% to Rs 501.08 crore on 11.42% rise in total income to Rs 3,417.53 crore in Q4 FY23 over Q4 FY22.

Meghmani Organics fell 1.79%. The company`s consolidated net profit declined 47% to Rs 54.15 crore on 29.3% decrease in net sales to Rs 574.08 crore in Q4 FY23 over Q4 FY22.

NBCC (India) added 1.45%. The EPC company received a project aggregating to Rs 749.28 crore, from Directorate of Printing, Ministry of Housing & Urban Affairs, Government of India.

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