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Nifty nears 19,000 mark; oil & gas stocks in demand

Published on Oct 27, 2023 10:32

The benchmark indices traded with significant gains in morning trade. The Nifty hovered near the 19,000 level. Oil & gas shares advanced as value buying emerged at lower levels.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 457.95 points or 0.73% to 63,606.10. The Nifty 50 index added 134.95 points or 0.57% to 18,992.20.

In the broader market, the S&P BSE Mid-Cap index rose 1.78% while the S&P BSE Small-Cap index gained 1.59%.

The market breadth was strong. On the BSE, 2699 shares rose and 601 shares fell. A total of 127 shares were unchanged.

Reliance Industries (up 1.86%), Maruti Suzuki India (up 0.96%), Bajaj Finserv (down 0.29%), SBI Life Insurance (up 0.80%), Cipla (up 0.68%), Dr Reddy`s Laboratories (down 0.67%), Indian Overseas Bank (up 3.54%), Bajaj Holding & Investment (up 0.50%), Bharat Petroleum Corp (up 0.55%), SBI Cards and Payment Services (up 1.02%), Union Bank of India (up 5.44%), SRF (up 0.74%), Schaeffler India (up 1.07%), Oberoi Realty (up 1.46%), Mahindra & Mahindra Financial Services (up 3.82%), ZF Commercial Vehicle Control Systems India (down 0.19%), Carborundum Universal (up 2.14%), Sumitomo Chemical India (up 3.41%), IRB Infrastructure Developers (up 1.61%), Indiamart Intermesh (up 3.60%), Blue Dart Express (down 0.02%), Great Eastern Shipping Company (up 3.03%), Piramal Pharma (up 1.95%), TTK Prestige (down 0.26%), Ujjivan Small Finance Bank (up 3.20%), Mahanagar Gas (up 1.78%), Route Mobile (up 1.13%) and Supreme Petrochem (up 3.64%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Oil & Gas index rose 1.16% to 7,539.70. The index had declined 6.60% in the past six sessions.

Aegis Logistics (up 4.15%), Adani Total Gas (up 2.69%), Mahanagar Gas (up 1.93%), Reliance Industries (up 1.63%) and Castrol India (up 1.59%) were the top gainers.

Among the other gainers were Oil India (up 1.3%), Indian Oil Corporation (up 1.16%), Hindustan Petroleum Corporation (up 0.83%), Oil & Natural Gas Corp (up 0.8%) and Petronet LNG (up 0.66%).

Stocks in Spotlight:

Vodafone Idea rose 0.28%. The company reported consolidated net loss of Rs 8,737.9 crore in Q2 FY24 as compared with Rs 7,595.5 crore in Q2 FY23. Revenue from operations increased by 0.57% to Rs 10,716.3 crore in Q2 FY24 as compared with Rs 10,655.5 crore posted in Q1 FY24, aided by better subscriber mix and 4G subscriber additions.

Astral added 2.09%. The company has started commercial production of adhesives division at Dahej plant.

Lemon Tree Hotels gained 3.46%. The company has signed a license agreement a 50 rooms property in Visakhapatnam, Andhra Pradesh under the company`s brand "Red Fox Hotels�. The hotel is expected to be operational by FY 2026.

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