Indices trade sideways, oil & gas shares advance

The key equity indices traded sideways in the early afternoon trade. The Nifty hovered near the 18,500 level. Oil & gas, realty and metal stocks edged higher while consumer durables, healthcare and pharma stocks declined.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 6.69 points or 0.01% to 62,174.98. The Nifty 50 index added 1.15 points or 0.01% to 18,497.75.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index added 0.29%.

The market breadth was positive. On the BSE, 1,795 shares rose and 1,675 shares fell. A total of 210 shares were unchanged.

On the macro front, the Industrial Production and Manufacturing Production data for October will be released today, 12 December 2022. Inflation rate for November will also be declared today.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 0.53% to 13.41. The Nifty 29 December 2022 futures were trading at 18,618.65, at a premium of 120.9 points as compared with the spot at 18,497.75.

The Nifty option chain for the 29 December 2022 expiry showed maximum Call OI of 36.2 lakh contracts at the 19,000 strike price. Maximum Put OI of 33.5 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index rose 0.79% to 8,522.95.The index declined 1.10% in the past trading sessions.

Hindustan Petroleum Corporation (up 3.85%), Aegis Logistics (up 1.79%), Gujarat State Petronet (up 1.64%), GAIL (India) (up 1.54%), Indian Oil Corporation (up 1.43%), Bharat Petroleum Corporation (up 1%), Castrol India (up 0.99%), Oil & Natural Gas Corpn (up 0.92%), Adani Total Gas (up 0.64%) and Indraprastha Gas (up 0.33%).

Adani Total Gas added 0.64% after the company announced the receipt of letter of award (LoA) from Convergence Energy Services for setting up and operating electric vehicle charging stations across various cities. The contract involves supply, installation, testing, commissioning, operation and maintenance of electric vehicle charging stations in eight cities (Ahmedabad, Bengaluru, Chennai, Delhi, Kolkata, Mumbai, Pune and Surat) on build, own and operate (BOO) model for a period of eight years.

Hindustan Oil Exploration Company (HOEC) rallied 3.56% after the company said that it has resumed oil production from D-1 well in its B-80 field, located in western offshore, after arresting a leak in the SCSSV control line.

Stocks in Spotlight:

Affle (India) shed 0.59%. The company announced that its board will meet on Wednesday, 14 December 2022 to consider the proposal for issue of convertible or non-convertible securities through preferential issue or any equivalent method. Affle said that the purpose for issuance of securities may include issuance to facilitate any inorganic growth of the company through swap of shares or otherwise.

Jaiprakash Power Ventures surged 10.73%. A meeting of the board of directors was convened on Monday, 12 December 2022, to inform the board of the recommendations of the audit committee to consider the proposal of divestment of Jaypee Nigrie Cement Grinding Unit.

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