Sensex jumps 1,115 pts, oil & gas stocks in demand

The domestic equity benchmarks traded near the day`s high with robust gains in the mid-afternoon trade. The Nifty traded above the 15,650 mark. Shares surged on value buying after a recent steep correction. Buying was wide spread. Oil & gas shares witnessed bargain hunting after declining in the past seven sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 1,114.97 points or 2.16% to 52,712.81. The Nifty 50 index gained 344.70 points or 2.25% to 15,694.85.

The broader market outperformed. The S&P BSE Mid-Cap index advanced 2.37% while the S&P BSE Small-Cap index gained 2.84%.

The market breadth was strong. On the BSE, 2,478 shares rose and 801 shares fell. A total of 123 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.477 as compared with 7.427 at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 78.0750, compared with its close of 77.98 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement rose 0.06% to Rs 50,765.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, decreased 0.59% to 104.08.

In the commodities market, Brent crude for August 2022 settlement rose $2.52 or 2.28% at $115.70 a barrel.

Buzzing Index:

The Nifty Oil & Gas index advanced 3.43% to 7,337.90. The index saw bargain hunting after declining 13.35% in the last seven trading sessions.

Adani Total Gas (up 10.95%), Mahanagar Gas (up 5.13%), Petronet LNG (up 4.87%), GAIL (India) (up 4.31%), Hindustan Petroleum Corporation (up 3.52%), Indraprastha Gas (up 3.31%), Oil & Natural Gas Corpn (up 2.57%), Aegis Logistics (up 2.51%), Indian Oil Corporation (up 2.33%) and Gujarat State Petronet (up 2.13%) edged higher.

Stocks in Spotlight:

Eureka Forbes surged 10.15% after the company announced that its board accepted the resignation of Marzin R. Shroff as the managing director and chief executive officer (CEO). Eureka Forbes said that Marzin R. Shroff will step down as managing director and CEO of the company, with effect from August 2022 and will move to a new role as senior advisor to both Advent International and Eureka Forbes.

Bank of India rallied 4.15% after the bank said its board is planning to raise Rs 2,500 crore via fresh equity shares to increase the public shareholding in the bank to 25% to comply with regulatory norms. "The present public shareholding in the Bank is 18.59% and the Bank has to increase this to 25% or above in order to comply with the minimum public shareholding requirements as per the Security Contracts (Regulation) Rules, 1957 and SEBI (LODR) Regulations, 2015. Hence, Bank proposes to issue fresh equity capital to increase the public shareholding to 25% or above," the bank said in a statement.

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