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Nifty above 17,550; oil & gas stocks in demand

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The domestic equities continued to trade with modest gains in mid-morning trade. At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 183.48 points or 0.31% at 58,847.81. The Nifty 50 index gained 63.75 points or 0.36% at 17,567.10.

In the broader market, the S&P BSE Mid-Cap index added 0.46% while the S&P BSE Small-Cap index advanced 1.24%.

The market breadth was strong. On the BSE, 2,357 shares rose and 756 shares fell. A total of 140 shares were unchanged.

As per provisional data available on the NSE, foreign institutional investors (FIIs) net sold shares worth Rs 4,477.06 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,412.05 crore in the Indian equity market on 23 November 2021.

Meanwhile, Securities and Exchange Board of India (Sebi) postponed the implementation of the 50% cash-margin rule for futures and options (F&O) traders and credit-default swaps (CDS) segment to 28 February 2022, from the earlier deadline of 1 December 2021. The regulator cited investor interest, and market regulation and development as reasons for the deferment, in its recently issued circular.

Buzzing Index:

The Nifty Oil & Gas index rose 1.49% to 7,683.50. The index added 2.53% in two trading sessions.

ONGC (up 4.91%), Gujarat State Petronet (up 2.63%), Hindustan Petroleum Corporation (HPCL) (up 2.54%), Oil India (up 2.33%) and GAIL (India) (up 2.24%) were the top gainers in the Oil & Gas segment.

Stocks in Spotlight:

Vedanta declined 2.60%. Two promoter entities on Tuesday acquired 3.7% stake in the diversified natural resources company through open market transactions. According to bulk deal data available with the NSE, Twin Star Holdings and Vedanta Netherlands Investments together bought 13.78 crore shares, amounting to 3.7% stake, of the company. Twin Star Holdings and Vedanta Netherlands picked up 8.78 crore shares (2.36% equity) and 5 crore shares (1.35% equity), respectively in the company. Shares were acquired at Rs 349.70 each. As on September 2021, Twin Star Holdings held 43.60% stake in Vedanta.

Himadri Speciality Chemical rose 1.82%. The credit rating agency, ICRA downgraded its rating on the term loan and fund-based working capital facilities of the company to '[ICRA] A+ (Stable)' from '[ICRA] AA-'. Concerning fund based / non-fund based working capital facilities, the company further said that the rating committee of ICRA has downgraded the long-term rating to '[ICRA] A+' from '[ICRA] AA-' and has also downgraded the short-term rating to '[ICRA] A1' from '[ICRA] A1+'. ICRA has also downgraded the short-term rating on the company's commercial paper to '[ICRA] Al' from '[ICRA] A1+'.

Global Markets:

Asian stocks were trading mixed on Wednesday, 24 November 2021, as investors monitored the moves in US Treasury yields. Singapore's economy grew 7.1% in the third quarter as compared with a year ago, according to the Ministry of Trade and Industry. It was higher than an earlier official advance estimate for 6.5% year-on-year (Y-o-Y) growth.

US stocks closed mixed for the fourth consecutive session on Tuesday, 23 November 2021, with the Dow and the S&P 500 logging gains, while the Nasdaq extended the sharp pullback seen in the previous session. U.S. markets will be closed for the Thanksgiving holiday on Thursday. The stock market closes early on Friday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 24 2021. 11:25 IST