Indices erase early gains, oil & gas shares decline

The headline equity indices pared early gains and traded with minor cuts in morning trade. The Nifty traded below the 20,950 mark. Oil & gas shares extended losses for the third consecutive trading session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 63.10 points or 0.09% to 69,865.43. The Nifty 50 index shed 7.15 points or 0.03% to 20,989.95. The Nifty hit an all-time high of 21,035.75 in early trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index gained 0.18%.

The market breadth was strong. On the BSE, 1,946 shares rose and 1,555 shares fell. A total of 143 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index declined 0.52% to 8,996.90. The index fell 1.24% in three trading sessions.

Adani Total Gas (down 3.39%), Bharat Petroleum Corporation (down 3.27%), GAIL (India) (down 0.85%), Oil & Natural Gas Corpn (down 0.5%), Petronet LNG (down 0.21%), Indraprastha Gas (down 0.16%), Reliance Industries (down 0.04%) edged lower.

On the other hand, Hindustan Petroleum Corporation (up 1.81%) ,Gujarat Gas (up 1.04%) and Indian Oil Corporation (up 0.81%) advanced.

Stocks in Spotlight:

Torrent Pharmaceuticals added 0.19%. The pharma company said that the US FDA has issued a Form 483 with 5 procedural observations after conducting pre-approval inspection (PAI) at the company�s manufacturing facility based in Gujarat.

Dixon Technologies (India) rallied 3.06%. Padget Electronics, wholly owned subsidiary of Dixon Technologies (India), has been awarded manufacturing contract by Lenovo for manufacturing of IT Hardware products i.e. Laptops and Notebooks under Production Linked Incentive 2.0 Scheme (PLI).

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