Nifty tad below 18,400; oil & gas stocks advance
Published on May 23, 2023 11:33
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.
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.
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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