Partner With Us NRI

Nifty scales above 23,400 level; oil & gas shares in demand

Published on Jun 14, 2024 11:32

The key domestic indices continued to trade with minor gains in mid-morning trade. The Nifty traded above the 23,400 level after hitting day�s low of 23,334.25 in early trade. Oil & gas shares rallied for the fourth consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 47.87 points or 0.06% to 76,866.30. The Nifty 50 index rose 34.20 points or 0.15% to 23,433.10.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 0.78% and the S&P BSE Small-Cap index gained 1.05%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 45,891.99 and 51,223.39 respectively.

The market breadth was positive. On the BSE, 2,341 shares rose and 1,346 shares fell. A total of 132 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index rose 0.78% to 12,056.05. The index jumped 3.15% in the four consecutive trading sessions.

Oil India (up 3.13%), GAIL (India) (up 2.08%), Hindustan Petroleum Corporation (up 1.88%), Gujarat State Petronet (up 1.48%), Castrol India (up 1.37%), Indian Oil Corporation (up 1.21%), Bharat Petroleum Corporation (up 1.19%), Adani Total Gas (up 0.76%), Petronet LNG (up 0.37%) and Mahanagar Gas (up 0.35%) edged higher.

On the other hand, Aegis Logistics (down 1.9%), Oil & Natural Gas Corpn (down 0.14%) and Gujarat Gas (down 0.02%) slipped.

Stocks in Spotlight:

Havells India added 1.52% after the company said that it is planning to expand its existing manufacturing capacities of air conditioners at Ghiloth and Sricity locations to 15 lakh units per annum at each location, from the existing 9 lakh and 11.2 lakh units, respectively.

Ambuja Cements advanced 2.20% after the company said it will acquire 100% stake in Penna Cement Industries (PCIL) for an enterprise value of Rs 10,422 crore.

Cupid rose 0.72%. The company announced that it has received an initial order from Cipla Health to manufacture a range of male condoms under the `Cipla� brand.

Global Markets:

Asian markets traded mixed on Friday after the Bank of Japan (BOJ) kept its benchmark interest rate unchanged at between 0% and 0.1% but indicated it�s considering the reduction of its purchase of Japanese government bonds after the next monetary policy meeting scheduled for 30 and 31 July 2024.

U.S. stocks continued their historic rally on Thursday, with the S&P 500 and Nasdaq closing at new highs for the fourth consecutive day. Tech stocks led the charge, pushing the Nasdaq Composite up 0.34%.

In a sign that the Federal Reserve might lower interest rates soon, new data showed a rise in unemployment claims last week and an unexpected drop in producer prices for May.

Powered by Capital Market - Live News