Indices trade with modest gains; oil & gas shares jump

The key equity indices traded in a narrow range in mid-afternoon trade. The Nifty scaled above the 20,800 level. Oil & Gas shares extend gains for sixth consecutive trading session.

At 14:30 AM IST, the barometer index, the S&P BSE Sensex, was up 342.40 points or 0.50% to 69,207.52. The Nifty 50 index added 129.15 points or 0.62% to 20,815.95.

The Sensex clocked an all-time high of 69,381.31 while the Nifty hit record high of 20,849.60 in mid-morning trade. Further, the Nifty Bank index also registered its fresh record high of 47,230.55.

In the broader market, the S&P BSE Mid-Cap index advanced 0.03% while the S&P BSE Small-Cap index added 0.02%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,216.47 and 41,317.67.

The market breadth was positive. On the BSE, 1,732 shares rose, and 1,991 shares fell. A total of 123 shares were unchanged.

Economy:

The seasonally adjusted S&P Global India Services Business Activity Index fell to 56.9 in November, one year low from 58.4 in October. Despite falling from October index pointed to a sharp increase in output across the sector.

The increase in Indian services activity extended into November, with cooling price pressures and demand resilience inducing sales growth, latest PMI survey data from S&P Global showed.

Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said, �India�s service sector has lost further growth momentum midway through the third fiscal quarter, but we continue to see robust demand for services fuelling new business intakes and output. The current rates of expansion look very healthy when considering their respective long-run averages and the outlook for business activity remains bright in spite of optimism fading due to rising inflation expectations.�

Meanwhile, the S&P Global India Composite PMI Output Index fell to 57.4 in November as compared with 58.4 in October, indicating substantial pace of expansion.

Buzzing Index:

The Nifty Oil& Gas index jumped 1.07% to 8,880.65. The index jumped 8.82% in six trading sessions.

Adani Total Gas (up 18.78%), Bharat Petroleum Corporation (up 1.72%), Mahanagar Gas (up 1.64%), Indian Oil Corporation (up 0.82%) and Hindustan Petroleum Corporation (up 0.81%) were the top gainers. Among the other gainers were Reliance Industries (up 0.68%), Gujarat Gas (up 0.46%), Indraprastha Gas (up 0.42%), Petronet LNG (up 0.02%).

On the other hand, Gujarat State Petronet (down 1.52%), GAIL (India) (down 1.37%) and Castrol India (down 0.81%) moved lower

Numbers to track:

The yield on India`s 10-year benchmark federal paper fell 0.10% to 7.264 as compared with previous close 7.271.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3925, compared with its close of 83.3800 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.42% to Rs 62,630.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.03% to 103.68.

The United States 10-year bond yield declined 0.87% to 4.250.

In the commodities market, Brent crude for February 2024 settlement rose 93 cents or 1.19% to $78.96 a barrel.

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