Benchmarks end with minor cuts; oil & gas stocks outperform

The key equity benchmarks ended with minor cuts, after a volatile session on Wednesday. The Nifty closed below the 18,150 mark. Oil & gas, Consumer durables, and auto stocks advanced while pharma, metal and IT stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, slipped 17.15 points or 0.03% to 60,910.28. The Nifty 50 index lost 9.80 points or 0.05% to 18,122.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index added 0.45%.

The market breadth was positive. On the BSE, 2,079 shares rose and 1,398 shares fell. A total of 152 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index rose 1.26% to 8,333.65. The index has added 3.89% in three sessions.

Adani Total Gas (up 7.91%), Castrol India (up 2.05%), GAIL (India) (up 0.74%), Gujarat Gas (up 0.18%) and Petronet LNG (up 0.17%) were the top gainers.

On the other hand, Aegis Logistics (down 3.26%), Gujarat State Petronet (down 1.86%) and Indraprastha Gas (down 0.81%) moved lower.

Hindustan Petroleum Corporation (HPCL) shed 0.11%. HPCL on Tuesday announced that it has appointed Amit Garg as Director (Marketing) on the board of the company with effect from 27 December 2022.

Stocks in Spotlight:

Adani Enterprises added 0.72%. The company announced that it has acquired 100% stake of SIBIA Analytics and Consulting Services (SIBIA) on 27 December 2022 for Rs 14.80 crore.

Adani Transmission rose 2.75%. The company said that it has incorporated a wholly owned subsidiary, BEST Smart Metering (BSML), on 27 December, 2022, with an initial authorized and paid-up share capital of Rs 1 lakh each. The power transmission company said that it incorporated BSML for smart metering business.

Rail Vikas Nigam (RVNL) was locked in 5% upper circuit. RVNL has received LOA for appointment as project implementation agency for implementation of the UTF Harbor Project in Maldives. This is a strategic project of Govt. of India. The project costs is Rs 1,544.60 crore.

Suryoday Small Finance Bank advanced 6.10%. The Reserve Bank of India has approved the re-appointment of Baskar Babu Ramachandran, as the MD & CEO of the Bank for a further period of three years, with effect from 23 January 2023.

India Pesticides jumped 9.29%. The company's wholly owned subsidiary i.e. Shalvis Specialities Limited (SSL) has received environmental clearance from Ministry of Environment for setting up Manufacturing Plant of "Agrochemicals & Intermediates, API Ingredients & Intermediates and Fine Chemicals Manufacturing Unit' at UPSIDC Industrial Area, Sumerpur, District Hamirpur, Uttar Pradesh.

Hariom Pipe Industries surged 6.18%. The company entered into asset transfer agreement with R.P.Metal Sections to purchase their operating asset which manufactures galvanized pipe and cold roll coil.

Global Markets:

European markets advanced while most Asian stocks declined on Wednesday, with investors looking for direction after China took further steps towards reopening its COVID-battered economy.

A faster than anticipated peak of infection has stoked expectations that a quick economic recovery is on the cards.

Meanwhile, the U.S. government is considering imposing new Covid rules for travelers from China, as per reports. Separately, Japan announced on Tuesday it would require a negative Covid test for visitors from China starting December 30.

Wall Street ended lower at the beginning of a holiday-shortened week on Tuesday, as rising US Treasury yields pressured interest rate sensitive megacap shares.

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