Barometers trade with strong gains; oil & gas stocks rise for 5th day

The domestic equity barometers pared all losses and traded with strong gains in morning trade. The Nifty marched towards the 18,550 level. Oil & gas stocks advanced for fifth consecutive sessions.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 117.91 points or 0.19% to 62,411.55. The Nifty 50 index added 28.70 points or 0.16% to 18,541.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.71% while the S&P BSE Small-Cap index added 0.74%.

The market breadth was strong. On the BSE, 2167 shares rose, and 1115 shares fell. A total of 175 shares were unchanged.

Buzzing Index:

Oil & Gas stocks were trading in the positive zone, with the Nifty Oil & Gas index increasing 1.42% to 8,534.40. The index has added 4.05% in five sessions.

Hindustan Petroleum Corporation (up 3.74%), Bharat Petroleum Corporation (up 2.96%), Indian Oil Corporation (up 2.25%), Petronet LNG (up 1.72%) and Reliance Industries (up 1.65%) were the top gainers.

Among the other gainers were Adani Total Gas (up 1.31%), Indraprastha Gas (up 1.21%), Aegis Logistics (up 0.92%), Oil India (up 0.8%) and Mahanagar Gas (up 0.75%).

Stocks in Spotlight:

Max Financial Services (MFSL) advanced 3.96%. MFSL will purchase Mitsui Sumitomo Company (MSI)'s balance 5.17% Max Life Insurance Company (Max Life) stake at Rs 85 per share.

Va Tech Wabag added 3.81%. The company has signed an agreement with Asian Development Bank (ADB) towards raising Rs 200 crore through unlisted non-convertible debentures (NCD) carrying a 5 years and 3 months tenor which will be subscribed by ADB over a 12-month period.

Lemon Tree Hotel gained 1.39%. The company has signed a license agreement for a 42-room hotel in Jamshedpur under the company's brand 'Lemon Tree Hotel'. The hotel is expected to be operational by end of September, 2023.

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