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Nifty trades above 17,100 mark; oil & gas stocks in demand

Published on Apr 20, 2022 12:31

Key indices traded with modest gains in early afternoon trade. Auto, IT and oil & gas scrips were in demand. The Nifty traded above the 17,100 mark.

At 12:30 IST, the barometer index, S&P BSE Sensex rallied 510.42 points or 0.9% at 56,973.83. The Nifty 50 index rose 157.03 points or 0.93% at 17,115.70.

The broader market traded with gains in line with frontline indices. The S&P BSE Mid-Cap index gained 0.75%. The S&P BSE Small-Cap index added 0.7%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,967 shares rose while 604 shares fell. A total of 90 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, fell 5.15% to 18.755. The Nifty 28 April 2022 futures were trading at 17,130, at a premium of 20 point as compared with the spot at 17,110.

The Nifty option chain for 28 April 2022 expiry showed maximum Call OI of 30.7 lakh contracts at the 18,000 strike price. Maximum Put OI of 35.1 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index rallied 1.68% to 8,399.35, rising for second trading session. The oil & gas index has gained 2.45% in two days.

Adani Total Gas (up 4.58%), Bharat Petroleum Corporation (up 3.1%), Reliance Industries (up 2.31%) and Hindustan Petroleum Corporation (up 1.88%) were the top gainers. Among the other gainers were Indraprastha Gas (up 1.64%), Indian Oil Corporation (up 1.57%), Gujarat State Petronet (up 1.56%), Oil India (up 1.52%) and Petronet LNG up 1.38%).

Stocks in Spotlight:

Mastek rose 2.56% to Rs 2880.35 after the company reported 5.7% rise in net profit to Rs 88.2 crore on a 5.4% increase in revenue from operations to Rs 581.5 crore in Q4 FY22 over Q3 FY22. Total EBITDA improved by 13.7% to Rs 138.6 crore in Q4 FY22 from Rs 122 crore in Q3 FY22. Total EBITDA margin in the fourth quarter was 23.1% as compared with 21.9% recorded in the same period last year. In dollar terms, the company`s revenue was $77.2 million (CC growth of 5.3% QoQ). The company added 49 new clients in Q4FY22. Total active clients during Q4FY22 was 450 as compared to 421 in Q3FY22.

PSP Projects jumped 4.68%. The EPC company said that it has received new work orders worth Rs. 938.76 crore, which includes fresh work orders of Rs 511.39 crore and Rs 327.39 crore in FY 2021-22 and FY 2022-23, respectively, and additional scope in existing contracts worth Rs 99.98 crore in FY 2021-22. With the receipt of the above orders, the total work orders received at the end of the financial year 2021-22 amount to Rs 1,802.23 crore.

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