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Indices trade near flat line; oil & gas shares under pressure

Published on Mar 07, 2024 12:40

The key equity barometers were hovering near their opening levels with slight gains in early afternoon trade. The Nifty traded above the 22,450 level. Oil & Gas shares extended losses for the second consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 5.41 points or 0.01% to 74,091.40. The Nifty 50 index rose 4.90 points or 0.02% to 22,478.95.

The Nifty and the Sensex hit all-time highs in mid-morning trade at 22,523.65 and 74,245.17, respectively.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.49% and the S&P BSE Small-Cap index gained 0.79%.

The market breadth was positive. On the BSE, 2,180 shares rose and 1,540 shares fell. A total of 109 shares were unchanged.


India`s GDP growth in the current fiscal year ending in March could be "very close" to 8%, Reserve Bank of India (RBI) governor Shaktikanta Das reportedly said. Das said rural demand had been improving and was much stronger than a year ago, while urban demand continued to be very strong.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 1.74% to 14.05. The Nifty 28 March 2024 futures were trading at 22,581.40, at a premium of 102.45 points as compared with the spot at 22,478.95.

The Nifty option chain for the 28 March 2024 expiry showed maximum Call OI of 33 lakh contracts at the 23,000 strike price. Maximum Put OI of 36.2 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index declined 0.83% to 11,812.85. The index fell 1.84% in two trading sessions.

Bharat Petroleum Corporation (down 1.61%), Hindustan Petroleum Corporation (down 1.55%), Indian Oil Corporation (down 1.16%), Reliance Industries (down 0.69%), Mahanagar Gas (down 0.58%), Castrol India (down 0.38%), GAIL (India) (down 0.32%), Petronet LNG (down 0.32%), Indraprastha Gas (down 0.3%) and Aegis Logistics (down 0.22%) declined.

Stocks in Spotlight:

Larsen & Toubro added 1.38% after the EPC major announced that its hydrocarbon business, L&T Energy Hydrocarbon (LTEH) has secured a significant order from the Oil & Natural Gas Corporation (ONGC) for the MHN TCPP PGC BGC Project (MTPBP), off India�s West Coast.

GPT Infraprojects jumped 5.15% after the company has secured an order from North Central Railway, Agra, Uttar Pradesh aggregating to Rs 135 crore.

Suzlon Energy locked in 5% upper circuit after the company announced that it has received a new order from Juniper Green Energy for the development of a 72.45 MW wind power project.

Wardwizard Innovations & Mobility advanced 2.90% after the company said that it has dispatched 2,018 units of electric two-wheelers in February 2024, an increase of 112% as compared with the same period last year.

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