Market near day`s high; oil & gas shares advance

The headline equity benchmarks traded near the day`s high in mid-afternoon trade. The Nifty traded above the 22,250 mark after hitting the day`s low of 22,081.25 in morning trade. Oil & gas shares advanced after declining in the past trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 492.13 points or 0.67% to 73,267.77. The Nifty 50 index jumped 159.80 points or 0.72% to 22,263.85.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index added 1.06% and the S&P BSE Small-Cap index gained 1.65%.

The market breadth was strong. On the BSE, 2,673 shares rose and 1,077 shares fell. A total of 130 shares were unchanged.

Economy:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 1.26 % (Provisional) for the month of April, 2024 (over April, 2023). The uptick inflation is primarily due to increase in prices of food articles, electricity, crude petroleum & natural gas, manufacture of food products, other manufacturing etc. The month over month change in WPI index for the month of April 2024 stood at 0.79 % as compared to March 2024. WPI inflation has hit a 13 month high now. It stood at 0.53% an annual basis in March.

Meanwhile, the annual inflation rate based on all India Consumer Price Index (CPI) number is 4.83% (provisional) for the month of April 2024 over April, 2023. Corresponding inflation rate for rural and urban is 5.43% and 4.11%, respectively. CPI for the months of January, February and March 2024 are 5.10, 5.09 and 4.85 respectively.

Buzzing Index:

The Nifty Oil & Gas index advanced 1.53% to 11,436.30. The index gained 1.55% after declining in the past trading session.

Adani Total Gas (up 6.13%), GAIL (India) (up 3.42%), Oil India (up 2.75%), Mahanagar Gas (up 2.71%), Gujarat Gas (up 2.26%), Petronet LNG (up 2.13%), Indraprastha Gas (up 1.7%), Reliance Industries (up 1.65%), Indian Oil Corporation (up 0.95%) and Oil & Natural Gas Corporation (up 0.94%) edged higher

On the other hand, Hindustan Petroleum Corporation (down 0.61%), Gujarat State Petronet (down 0.15%) slipped.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.06% to 7.112 as compared with previous close 7.107.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.5200, compared with its close of 83.5100 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement declined 0.05% to Rs 72,550.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.12% to 105.37.

The United States 10-year bond yield slipped 0.13% to 4.475.

In the commodities market, Brent crude for July 2024 settlement lost 13 cents or 0.16% to $83.23 a barrel.

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