Nifty above 21,550, Oil and Gas shares advance

The domestic equity benchmarks traded with substantial gains in morning trade. The Nifty traded above 21,550 level. Oil and Gas shares advance after declining in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 736.12 points or 1.04% to 71,436.79. The Nifty 50 index added 222.20 points or 1.04% to 21,574.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.83% and the S&P BSE Small-Cap index added 0.63%.

The market breadth was strong. On the BSE, 2293 shares rose and 1381 shares fell. A total of 187 shares were unchanged.

Buzzing Index:

The Nifty Oil and Gas index advanced 2.18% to 10,405.45. The index fell 0.31% in the past trading session.

Oil & Natural Gas Corpn (up 4.59%), Adani Total Gas (up 3.46%), Castrol India (up 2.88%), Gujarat State Petronet (up 2.73%) and Oil India (up 2.7%), Indraprastha Gas (up 2.63%), Mahanagar Gas (up 2.61%), Reliance Industries (up 1.93%), Hindustan Petroleum Corporation (up 1.86%) and Petronet LNG (up 1.85%) advanced.

Results Today :

ITC (down 0.29%), Bajaj Finance (up 0.39%), NTPC (up 1.48%), GAIL (India) (up 0.48%), Bharat Petroleum Corporation (up 0.75%), Vodafone Idea (up 0.89%), Aditya Birla Sun Life AMC (up 1.88%), Adani Green Energy (up 3.83%), Marico (down 1.79%), Bharat Electronics (down 0.05%), CSB Bank (down 0.21%), Jaiprakash Power Ventures (up 4.22%), Latent View Analytics (up 0.25%), Mahindra Logistics (up 2.59%), Muthoot Microfin (up 0.41%), Nippon Life India Asset Management (up 0.61%), Nuvoco Vistas Corporation (up 2.56%), Piramal Enterprises (down 0.31%), Petronet LNG (up 1.83%), Restaurant Brands Asia (up 1.53%), R R Kabel (up 0.79%), and UTI Asset Management Company (down 0.73%) will announce their quarterly earnings later in the day.

Stocks in Spotlight:

Tata Technologies shed 0.16%. The company reported 6.1% increase in consolidated net profit to Rs 170.2 crore in Q3 FY24 as compared with Rs 160.4 crore posted in Q2 FY24. Total revenue from operations rose 1.6% QoQ to Rs 1,289.5 crore in Q3 FY24.

AU Small Finance Bank (SFB) fell 8.83% after the bank reported 4.47% decline in net profit to Rs 375.24 crore on 32% increase in total income to Rs 3,185.51 crore in Q3 FY24 over Q3 FY23.

Adani Power advanced 3.04% after the company reported consolidated net profit of Rs 2,737.96 crore in Q3 FY24, steeply higher than Rs 8.77 crore in Q3 FY23. Revenue from operations jumped 67.32% to Rs 12,991.44 crore in Q3 FY24 as compared with Rs 7,764.41 crore in Q3 FY23.

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