Indices trade near day's high; oil & gas shares in demand

The frontline indices traded with robust gains in mid-afternoon trade. The Nifty traded above the 22,600 level. Despite global recession fears, potential US tariffs on Indian goods, and heavy selling in key stocks ahead of earnings season, Indian markets remained resilient. Investor optimism stems from expectations that India will face minimal impact amid global trade tensions.

Oil & gas shares advanced after declining in the past three consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, climbed 1534.92 points or 2.10% to 74,672.82. The Nifty 50 index soared 465.40 points or 2.10% to 22,627.

In the broader market, the S&P BSE Mid-Cap index jumped 2.17% and the S&P BSE Small-Cap index surged 2.38%.

The market breadth was strong. On the BSE, 3,096 shares rose and 788 shares fell. A total of 134 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 8.43% to 20.87.

Buzzing Index:

The Nifty Oil & Gas index jumped 2.59% to 10,106.50. The index slumped 6.92% in the past three consecutive trading sessions.

Hindustan Petroleum Corporation (up 4.21%), Bharat Petroleum Corporation (up 3.76%), GAIL (India) (up 3.26%), Adani Total Gas (up 2.63%), Oil & Natural Gas Corpn (up 2.54%), Oil India (up 2.33%), Petronet LNG (up 2.19%), Indian Oil Corporation (up 2.02%), Gujarat State Petronet (up 1.42%) and Reliance Industries (up 1.35%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.05% to 6.591 as compared with previous close 6.588.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.1450, compared with its close of 85.7600 during the previous trading session.

MCX Gold futures for 5 June 2025 settlement rose 1.20% to Rs 87,982.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.28% to 103.19.

The United States 10-year bond yield gained 0.36% to 4.172.

In the commodities market, Brent crude for June 2025 settlement added 16 cents or 0.25% to $64.37 a barrel.

Stocks in Spotlight:

Housing & Urban Development Corporation (HUDCO) jumped 6.21% after the company announced the signing of a significant Memorandum of Understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA).

Garden Reach Shipbuilders & Engineers (GRSE) advanced 2.29% after the company entered into a non-binding memorandum of understanding (MoU) with SWAN Defence and Heavy Industries to enhance indigenous commercial shipbuilding capabilities.

International Conveyors rallied 3.74% after the company announced that it had acquired 84,620 equity shares of TD Power Systems for Rs 3 crore.

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