Benchmarks trade higher; Oil & gas shares decline

The equity barometers traded with limited gains in mid-afternoon trade. The Nifty traded above the 22,150 level after hitting days low of 22,085.65. Oil & Gas shares declined after rising in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 172.54 points or 0.24% to 72,962.67. The Nifty 50 index added 33.15 points or 0.15% to 22,155.20.

In the broader market underperformed the frontline indices, S&P BSE Mid-Cap index shed 0.43% and the S&P BSE Small-Cap index lost 0.43%.

The market breadth was weak. On the BSE, 1,481 shares rose and 2,309 shares fell. A total of 109 shares were unchanged.

Economy:

All-India House Price Index (HPI) increased by 3.8% YoY in Q3:2023-24 compared to 3.5% growth in the previous quarter and 2.8% a year ago, the Reserve Bank of India reported Annual HPI growth varied widely across the cities - ranging from a high of 8.4% (Chennai) to a low of 0.6% (Kochi). On a sequential basis, all-India HPI increased by 1.6% in Q3:2023-24; among the ten cities, six (viz., Delhi, Mumbai, Chennai, Bengaluru, Ahmedabad and Kochi) recorded rise in house prices during the latest quarter. The Reserve Bank released its quarterly house price index (HPI) 1 (base: 2010-11=100) for Q3:2023-24, based on transaction-level data received from the registration authorities in ten major cities.

Buzzing Index:

The Nifty Oil & Gas index declined 1.07% to 11,643.85. The index rose 0.12% in the previous trading session.

Hindustan Petroleum Corporation (down 2.94%), Adani Total Gas (down 2.71%), Indian Oil Corporation (down 2.7%), Petronet LNG (down 2.46%), Aegis Logistics (down 2.18%), Indraprastha Gas (down 1.67%), Gujarat State Petronet (down 1.66%), Gujarat Gas (down 1.51%), GAIL (India) (down 1.48%) and Bharat Petroleum Corporation (down 1.44%) declined.

On the other hand, Castrol India (up 2.6%), Mahanagar Gas (up 0.39%) and Reliance Industries (up 0.03%) edged higher.

Mahanagar Gas added 0.39%. The company said that it has entered into shareholders agreement with 3EV Industries Founders, Promoters and other Shareholders to acquire 30.97% shareholding in 3EV Industries.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.03% to 7.065 as compared with previous close 7.063.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.8875, compared with its close of 82.8850 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.35% to Rs 62,364.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was shed 0.18% to 103.64.

The United States 10-year bond yield declined 0.86% to 4.262.

In the commodities market, Brent crude for February 2024 settlement rose 16 cents or 0.20% to $81.83 a barrel.

Stocks in Spotlight:

Route Mobile shed 0.30%. The company said that it has partnered with Billeasy E Solutions (Billeasy) for introducing rich communication services-based (RCS) business messaging for enhancing metro ticket purchasing process at Maha Metro Pune.

AVG Logistics declined 1.49% after the company said that it has secured a 6-year long term contract, valued at Rs 105 crore, for lease of parcel cargo express train (PCET) from the Indian Railways.

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