Nifty near 20,900 level, oil & gas shares in demand

The headline equity indices continued to trade with decent gains in early afternoon trade. The Nifty traded around the 20,900 level. Oil & gas shares rallied for eigth consecutive trading session.

At 12:30 AM IST, the barometer index, the S&P BSE Sensex, was up 253.59 points or 0.37% to 69,549.73. The Nifty 50 index added 46.75 points or 0.22% to 20,901.85.

The Sensex clocked an all-time high of 69,673.83 while the Nifty hit record high of 20,958.65 in morning trade. Further, the Nifty Bank index also registered its fresh record high of 47,259.85.

In the broader market, the S&P BSE Mid-Cap index shed 0.07% while the S&P BSE Small-Cap index added 0.06%.

The market breadth was positive. On the BSE, 1,880 shares rose, and 1,760 shares fell. A total of 146 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.69% to 13.69. The Nifty 28 December 2023 futures were trading at 21,015, at a premium of 113.15 points as compared with the spot at 20,901.85.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 30.3 lakh contracts at the 21,000 strike price. Maximum Put OI of 39.6 lakh contracts were seen at 20,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index gained 1.14% to 9,012.25. The index surged 10.43% in seven trading sessions.

Adani Total Gas (up 19.95%), Petronet LNG (up 1.19%), Reliance Industries (up 1.1%), Castrol India (up 0.82%), Indian Oil Corporation (up 0.34%) and Gujarat Gas (up 0.24%) edged higher.

On the other hand, Hindustan Petroleum Corporation (down 1.21%), Oil India (down 0.89%) and Bharat Petroleum Corporation (down 0.51%) declined.

Stocks in Spotlight:

Power Grid Corporation of India added 0.27% after the company announced that it has been emerged as successful bidder for setting up an inter-state transmission system project in Gujarat.

Lupin fell 0.87%. The pharma major announced that it has received approval from US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) of Varenicline tablets. The approved durg is generic equivalent of Chantix tablets of PF Prism C.V. It is indicated for use as an aid to smoking cessation treatment.

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