Market trades side ways; oil & gas shares in demand

The benchmark indices traded sideways in the morning trade. The Nifty traded above the 21,850 mark. Oil & gas shares gained for the second consecutive trading session.

At 10:33 IST, the barometer index, the S&P BSE Sensex, was down 3.18 points or 0% to 72,082.45. The Nifty 50 index rose 38.30 points or 0.18% to 21,892.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.97% and the S&P BSE Small-Cap index added 0.47%.

The market breadth was positive. On the BSE, 2,083 shares rose and 1,608 shares fell. A total of 179 shares were unchanged.

Economy

The seasonally adjusted HSBC India Services PMI Business Activity Index came at 61.8 in January, up from 59 in December, comfortably above the neutral level of 50 and pointed to the sharpest rate of expansion in six months. Moreover, the current sequence of uninterrupted increases was stretched to two-and-a-half years. According to survey participants, growth was spurred by demand buoyancy, productivity gains and rising intakes of new work.

The HSBC India Composite PMI Output Index rose to 61.2 in December from 58.5, indicating the sharpest upturn since mid-2023. January data highlighted a further acceleration in growth of Indian private sector output, amid quicker increases at both goods producers and service providers.

Meanwhile, India�s forex reserves increased $591 million to $616.733 billion for the week ended January 26, according to the latest RBI data. In the previous reporting week, the overall reserves had dropped $2.795 billion to $616.143 billion.

Gold reserves increased $269 million to $47.481 billion during the week, the RBI said. The special drawing rights (SDRs) were up $27 million to $18.248 billion, the apex bank said.

Result Today

Bharti Airtel (down 1.18%) , Alembic Pharmaceuticals (up 2.21%), Ashok Leyland (up 0.03%), ASK Automotive (up 0.51%), Sun Pharma Advanced Research Company (up 1.94%), Bajaj Consumer Care (up 0.88%), Bajaj Electricals (up 0.83%), Barbeque-Nation Hospitality (down 0.32%), eMudhra (up 0.14%), Fusion Micro Finance (down 0.04%), Ideaforge Technology (down 0.50%), Insecticides (India) (up 3.77%), Linde India (up 2.52%), Tata Chemicals (down 0.17%), Triveni Turbine (up 0.37%), TVS Supply Chain Solutions (up 0.23%), Unichem Laboratories (up 3.52%), Varun Beverages (down 0.02%), and Vijaya Diagnostic Centre (down 0.32%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Oil & Gas index rallied 2.09% to 11,344.15. The index advanced 5.74% in the two trading session.

Indian Oil Corporation (up 6.14%), Hindustan Petroleum Corporation (up 3.32%), Aegis Logistics (up 3.07%), Bharat Petroleum Corporation (up 2.99%) and Gujarat State Petronet (up 2.31%), Castrol India (up 2.12%), GAIL (India) (up 2.11%), Gujarat Gas (up 1.94%), Oil & Natural Gas Corporation (up 1.52%) and Indraprastha Gas (up 0.9%) edged higher.

Stocks in Spotlight:

UPL tumbled 6.82% after the pesticides maker reported a consolidated net loss of Rs 1,217 crore in Q3 FY24 as against a net profit of Rs 1,087 crore recorded in Q3 FY23. Revenue from operations declined 27.72% YoY to Rs 9,887 crore in the quarter ended 31 December 2023.

Bank of India slipped 6.40%. The state-run bank�s net profit jumped 62.42% to Rs 1,869.51 crore on 15.9% rise in total income to Rs 16,411.10 crore in Q3 FY24 over Q3 FY23.

Delhivery shed 1.23% after the logistics solution provider reported a consolidated net profit of Rs 11.71 crore in Q3 FY24 as against a net loss of Rs 195.65 crore posted in Q3 FY23. Revenue from operations increased 20.32% year on year to Rs 2,194.47 crore in the quarter ended 31 December 2023.

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