Nifty above 21,900; oil and gas shares rises

The domestic equity benchmarks traded with strong gains in morning trade. The Nifty marched above 21,900 level. Oil & Gas shares advanced after declining in the past trading session.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 784.25 points or 1.09% to 72,429.55. The Nifty 50 index added 245.60 points or 1.13% to 21,943.05.

In the broader market, the S&P BSE Mid-Cap index rose 1.12% and the S&P BSE Small-Cap index added 1.06%.

The market breadth was strong. On the BSE, 2,362 shares rose and 1,209 shares fell. A total of 148 shares were unchanged.

Results Today :

Tata Motors (up 1.12%), UPL (up 0.96%), Delhivery (down 0.30%), Bank of India (up 0.48%), Aegis Logistics (up 1.90%), Bikaji Foods International (up 1.73%), Devyani International (up 0.45%), Dhanlaxmi Bank (up 1.76%), Engineers India (up 4.75%), InterGlobe Aviation (up 1.65%), JSW Infrastructure (up 1.31%), LIC Housing Finance (up 1.34%), Mahindra Lifespace Developers (up 0.29%), Metropolis Healthcare (down 0.07%), MOIL (up 0.50%), Samhi Hotels (up 1.33%), Satin Creditcare Network (up 1.21%), Sundram Fasteners (up 0.30%), Torrent Pharmaceuticals (down 0.09%), and Ujjivan Financial Services (up 2.27%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Oil & Gas index advanced 2.34 % to 10,978.60. The index shed 0.01% in the past trading session.

Castrol India (up 7.54%), Bharat Petroleum Corporation (up 4.19%), Hindustan Petroleum Corporation (up 3.2%), Indian Oil Corporation (up 2.57%) and Mahanagar Gas (up 2.4%) were the top gainers.

Among the other gainers were Gujarat Gas (up 2.25%), Oil & Natural Gas Corpn (up 1.92%), Reliance Industries (up 1.87%), Petronet LNG (up 1.62%) and GAIL (India) (up 1.55%) edged higher.

Stocks in Spotlight:

Indian Hotels Company advanced 2.18% after the company's consolidated net profit increased 18% to Rs 452 crore on 15% rise in revenue to Rs 2004 crore in Q3 FY24 over Q3 FY23.

Panacea Biotec rose 1.50% after the companys material wholly-owned subsidiary Panacea Biotec Pharma has received a communication from the USFDA indicating the inspection of facility at Baddi, Himachal Pradesh classification as Official Action Indicated (OAI).

NMDC rose 1.93% after the state-owned miner's iron ore production grew by 8.1% to 4.54 million tonnes (MT) in January 2024 as against 4.20 MT in January 2023.

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