NIFTY TAD BELOW 18,400; OIL & GAS STOCKS ADVANCE

The benchmark indices continued to trade with significant gains in mid-morning trade. The Nifty traded a tad below the 18,400 level. Oil & gas shares witnessed buying demand for second straight day.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 216.15 points or 0.35% to 61,179.83. The Nifty 50 index added 85.15 points or 0.46% to 18,399.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index gained 0.49%.

The market breadth was positive. On the BSE, 1,955 shares rose and 1,334 shares fell. A total of 121 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index rose 0.94% to 7,559.40. The index gained 1.72% in three trading sessions.

Adani Total Gas (up 5%), Indian Oil Corporation (up 2.35%), Hindustan Petroleum Corporation (up 2.07%), Bharat Petroleum Corporation (up 1.98%), GAIL (India) (up 1.08%), Oil India (up 0.72%), Gujarat State Petronet (up 0.63%), Aegis Logistics (up 0.63%), Indraprastha Gas (up 0.62%) and Oil & Natural Gas Corpn (up 0.42%) advanced.

On the other hand, Mahanagar Gas (down 0.22%), Castrol India (down 0.18%) declined.

Stocks in Spotlight:

SJVN was down 0.14%. The power generation company`s consolidated net profit surged 129.77% to Rs 17.21 crore in Q4 FY23 from Rs 7.49 crore recorded in Q4 FY22. Revenue from operations jumped 55.93% year on year to Rs 503.77crore in the quarter ended 31 March 2023.

Welspun Corp rose 0.25%. The company said that its associate company East Pipes Integrated Company for Industry has signed a contract for the supply of steel pipes with Saudi Aramco, for a total value exceeding SAR 1.8 billion (approximately Rs 4,000 crore).

Finolex Industries slipped 4.30% after the company reported 68% drop in standalone net profit to Rs 158.35 crore on a 28% decline in total income from operations to Rs 1,141.06 crore in Q4 FY23 over Q4 FY22.

Global markets:

Asian stocks were trading mixed as talks between U.S President Joe Biden and House Speaker Kevin McCarthy ended without a deal.

US stocks ended the session mixed on Monday as talks in Washington resumed to avert a US default. President Joe Biden and House Speaker Kevin McCarthy said they had a productive talk on the debt ceiling. Treasury Secretary Janet Yellen said the chances are �quite low" that the US can pay all its bills by mid-June.

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