Nifty rises above 19,750 mark; oil & gas stocks in demand

The key equity barometers extended gains and hit fresh intraday high in mid-morning trade. The Nifty traded above the 19,750 mark. Oil & gas shares extended gains for second day in a row.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 405.37 points or 0.62% to 66,081.30. The Nifty 50 index added 110.70 points or 0.56% to 19,786.15.

In the broader market, the S&P BSE Mid-Cap index gained 0.34% while the S&P BSE Small-Cap index rose 0.57%.

The market breadth was strong. On the BSE, 2159 shares rose and 1380 shares fell. A total of 168 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index rose 0.77% to 8,178.20. The index has added 2.24% in two sessions.

Oil India (up 2.71%), Hindustan Petroleum Corporation (up 2.42%), Bharat Petroleum Corporation (up 1.49%), Indian Oil Corporation (up 1.43%) and Aegis Logistics (up 1.38%) were the top gainers.

Among the other gainers were Oil & Natural Gas Corp (up 0.98%), Mahanagar Gas (up 0.59%), Reliance Industries (up 0.52%), Indraprastha Gas (up 0.26%) and Gujarat Gas (up 0.23%).

On the other hand, Adani Total Gas (down 0.4%), Petronet LNG (down 0.15%) and Gujarat State Petronet (down 0.07%) turned lower.

Stocks in Spotlight:

RateGain Travel Technologies fell 1.34%. The company has announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 676.66 per share. The floor price of Rs 676.66 is at a discount of 4.93% to the previous day`s closing price of Rs 711.75 on the BSE.

Dabur India rose 1.18%. The company`s two foreign subsidiaries, Dabur International and Dermoviva Skin Essentials, have been removed as defendants in multiple lawsuits filed in a U.S. court over allegations that their hair-relaxer products caused ovarian cancer, uterine cancer and other related health issues.

IIFL Finance added 0.48%. The NBFC will invest up to Rs 200 crore in arm IIFL Samasta Finance by way of subscription to 7,47,94,315 fully paid-up equity shares of face value of Rs 10 each, at a premium of Rs. 16.74 per share, through rights issue.

Global Markets:

Asian stocks are trading lower Thursday as investors digested high-level discussions between U.S. President Joe Biden and Chinese President Xi Jinping.

Biden and Xi met Wednesday outside of San Francisco in their first face-to-face meeting in a year. The talks were on the sidelines of the Asia-Pacific Economic Cooperation conference and were a part of efforts between the U.S. and China to boost high-level communication amid continued tensions.

US stocks ended higher on Wednesday, building on the strong rally from Tuesday, on the back of more encouraging inflation data. Another reading on U.S. inflation showed October�s producer price index, which measures wholesale prices, fell by 0.5% to mark its biggest monthly drop since April 2020.

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