Nifty climbs above 21,650; oil & gas shares rise

The key equity barometers continued to trade in a narrow range with limited gains in early afternoon trade. The Nifty marched above 21,650 level. Oil & gas stocks gained for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 141.67 points or 0.20% to 71,799.38. The Nifty 50 index added 52.75 points or 0.24% to 21,671.45.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index increased 0.76% and the S&P BSE Small-Cap index rose 0.80%.

The market breadth was strong. On the BSE, 2,397 shares rose and 1,322 shares fell. A total of 127 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.17% to 12.99. The Nifty 25 January 2024 futures were trading at 21,699.75, at a premium of 28.3 points as compared with the spot at 21,671.45.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 31.6 lakh contracts at the 22,000 strike price. Maximum Put OI of 44.1 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index rose 0.67% to 9,796.80. The index rose 0.78% in three consecutive trading sessions.

Mahanagar Gas (up 4.54%), Hindustan Petroleum Corporation (up 2.57%), Aegis Logistics (up 2.51%), Indian Oil Corporation (up 1.61%), Oil India (up 1.43%), Gujarat Gas (up 1.35%), Reliance Industries (up 1.14%), Bharat Petroleum Corporation (up 0.83%), Gujarat State Petronet (up 0.47%) and Castrol India (up 0.3%) advanced.

On the other hand, Petronet LNG (down 1.28%), Adani Total Gas (down 0.45%) and Oil & Natural Gas Corpn (down 0.24%) edged lower.

Stocks in Spotlight:

Kalyani Steels zoomed 18.08% after the company announced that it has emerged as successful bidder to acquire assets of Kamineni Steel and Power India worth Rs 450 crore.

Atul rose 0.97%. The company�s wholly-owned subsidiary, Atul Products (APL) has received required approval and commenced its operations situated at Atul site.

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