Sensex adds 127 pts; oil & gas stocks in demand

The benchmarks indices continued to trade with minor gains in morning trade. The Nifty traded above the 21,850 mark. Oil & gas shares witnessed buying demand for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 127.09 points or 0.18% to 71,949.92. The Nifty 50 index added 42.80 points or 0.20% to 21,882.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.99% and the S&P BSE Small-Cap index rallied 1.34%.

The market breadth was strong. On the BSE, 2,445 shares rose and 1,104 shares fell. A total of 137 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index increased 2.31% to 11,908.60. The index advanced 5.96% in three trading sessions.

Oil India (up 14.28%), Aegis Logistics (up 8.83%), Hindustan Petroleum Corporation (up 5.47%), Gujarat State Petronet (up 4.48%), Petronet LNG (up 3.93%), Oil & Natural Gas Corpn (up 3.76%), Indian Oil Corporation (up 3.24%), Gujarat Gas (up 3.23%), GAIL (India) (up 3.01%) and Bharat Petroleum Corporation (up 2.78%) slipped.

On the other hand, Sanofi India (up 1.61%) ,Aurobindo Pharma (up 1.4%) and Pfizer (up 1.15%) edged higher.

Stocks in Spotlight:

Crompton Greaves Consumer Electricals rose 0.30%. The company reported 3% declined in consolidated net profit to Rs 85 crore as compared with Rs 88 crore posted in corresponding quarter last year. Revenue from operations increased 12% YoY to Rs 1,693 crore in Q3 FY24.

Jindal Poly Films slipped 2.04% after the company reported a consolidated net loss of Rs 19.43 crore in Q3 FY24 as against a net loss of Rs 96.66 crore in Q3 FY23. Revenue from operations rose by 11% YoY to Rs 983.76 crore in the third quarter.

VIP Industries added 2.49%. The board of directors of VIP Industries has appointed Manish Desai as the chief financial officer of the company with effect from 14 February 2024. Further, the company said that Neetu Kashiramka, managing director & CFO will be re-designated as managing director of the firm, effective from 14 February 2024.

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