Nifty jumps above 22,600; oil & gas shares rally for 4th day

The key equity benchmarks traded with minor gains in the mid-morning trade. The Nifty traded above the 22,600 level. Oil & Gas shares extended gains for the four consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, rallied 149.38 points, or 0.21%, to 74,493.79. The Nifty 50 index rose 58.95 points, or 0.26%, to 22,609.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.46%, and the S&P BSE Small-Cap index added 1.45%.

The market breadth was strong. On the BSE, 2,678 shares rose and 901 shares fell. A total of 158 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index added 1.05% to 10,151.60. The index jumped 6.70% in the four consecutive trading sessions.

Reliance Industries (up 3.21%), Oil & Natural Gas Corpn (up 1.29%), Adani Total Gas (up 0.81%), Indraprastha Gas (up 0.56%) and Gujarat Gas (up 0.27%), Indian Oil Corporation (up 0.19%) added

On the other hand, Mahanagar Gas (down 2.58%), Aegis Logistics (down 1.88%) and Hindustan Petroleum Corporation (down 1.34%) edged lower.

Stocks in Spotlight:

Brigade Enterprises gained 1.55% after the company announced the launch of its premium residential project Brigade Altius in Sholinganallur, Chennai, and the project has a revenue potential of Rs 1,700 crore.

Bengal Tea & Fabrics rose 4.86after the company said it launched a new product packet tea under brand name "1950 Origins".

Gensol Engineering slipped 4.12% after the company announced the resignation of its chief financial officer (CFO) and key managerial personnel, Ankit Jain, effective from 6 March 2025.

Global Markets:

Most Asian shares fell on Friday after Wall Street after U.S. President Donald Trump's tariff concessions failed to calm investors.

Traders were also worried by economic data from the U.S., which raised alarm that Trumps policies could hinder the U.S. economy.

Chinas export growth slowed more than expected at the start of the year, according to data from the customs authority released on Friday, as higher U.S. tariffs partly offset momentum in the countrys rare bright spot. Exports in the January to February period rose 2.3% in U.S. dollar terms from a year earlier, significantly undershooting expectations of a 5% increase.

US stocks closed sharply lower Thursday amid uncertainty around President Donald Trumps tariff policies, while investors remained cautious ahead of a key employment report expected to provide insights into the nations economic health. The Dow Jones Industrial Average fell by 1%, while the NASDAQ Composite dropped 2.6%. The S&P 500 also declined 1.8%.

Technology stocks experienced significant losses. NVIDIA Corporation stock plunged 5.7%, while Tesla Inc. closed 5.6% lower. Broadcom Inc. closed 6.3% lower after jumping 13% in early trade on Thursday. The company reported upbeat guidance for the current quarter and better-than-expected first-quarter results on growing AI-led demand for its custom chips.

U.S. jobless claims fell more than expected last week to 221,000, signaling a strong labor market. For the week ending February 22, initial claims under the Unemployment Compensation for Federal Employees program rose to 1,634, up from 614 the previous week.

Investors now await Fridays employment report for insights on the economy and potential Fed rate moves amid tariff concerns and rising factory costs.

Meanwhile, U.S. President Donald Trump signed an executive order on Thursday to establish a strategic bitcoin reserve, a day before meeting with executives from the crypto currency industry at the White House. The reserve will be capitalized with bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings.

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