Sensex, Nifty pare losses; oil & gas shares tumble

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The headline equity benchmarks reversed all losses and traded with small gains in mid-afternoon trade, swinging between gains and declines amid volatility. Optimism over potential U.S. and domestic interest rate cuts next month continued to underpin buying interest. The Nifty traded above the 26,200 level. Oil & gas stocks declined after advancing in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, jumped 112.28 points or 0.13% to 85,721.79. The Nifty 50 index rose 7.05 points or 0.03% to 26,212.35.

In the broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.14% and the S&P BSE Small-Cap index shed 0.39%.

The market breadth was negative. On the BSE, 1,916 shares rose and 2,143 shares fell. A total of 196 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index fell 1.09% to 12,074.70. The index jumped 1.72% in the past trading session.

Indian Oil Corporation (down 1.73%), Oil India (down 1.64%), Bharat Petroleum Corporation (down 1.62%), Oil & Natural Gas Corpn (down 1.61%), Hindustan Petroleum Corporation (down 1.23%), GAIL (India) (down 0.93%), Reliance Industries (down 0.77%), Mahanagar Gas (down 0.65%), Indraprastha Gas (down 0.65%) and Castrol India (down 0.55%) fell.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.43% to 6.514 as compared with previous close 6.512.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 89.2950 compared with its close of 89.2275 during the previous trading session.

MCX Gold futures for 5 December 2025 settlement shed 0.03% to Rs 1,25,899.

The United States 10-year bond yield rose 0.18% to 4.003.

In the commodities market, Brent crude for January 2025 settlement lost 7 cents or 0.11% to $63.06 a barrel.

Stocks in Spotlight:

Glenmark Pharmaceuticals rose 0.81%. The company announced that the U.S. FDA issued a positive establishment inspection report (EIR) with voluntary action indicated (VAI) status for its formulations manufacturing facility in Monroe, North Carolina.

Lokesh Machines fell 1.77%. The company announced that it received an order worth Rs 7.96 crore from Kirloskar Oil Engines. The contract is for the supply of a fish liner boring and deck face milling SPM machine. The supply is scheduled to be completed before the end of June 2026.

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