Barometers trade with modest gains; oil & gas shares in demand

The headline equity benchmarks continued to trade with moderate gains in the morning trade. The Nifty hovered above the 23,700 level. Oil & gas shares advanced after declining in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, gained 308.37 points or 0.40% to 78,273.36. The Nifty 50 index added 124.10 points or 0.53% to 23,744.20.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.86% and the S&P BSE Small-Cap index jumped 1.15%.

The market breadth was strong. On the BSE, 2,495 shares rose and 1,131 shares fell. A total of 158 shares were unchanged.

 

New Listing:

Shares of Indo Farm Equipment were currently trading at Rs 278.55 at 10:24 IST on the BSE, representing a premium of 29.56% as compared with the issue price of Rs 215.

The scrip was listed at Rs 258.40, exhibiting a premium of 20.19% to the issue price.

So far, the stock has hit a high of 286.50 and a low of 257.95. On the BSE, over 14.85 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Oil & Gas index rose 1.96% to 10,937.45. The index slipped 2.75% in the past trading session.

Aegis Logistics (up 5.77%), Oil India (up 4.44%), Oil & Natural Gas Corpn (up 4.38%), Indian Oil Corporation (up 1.69%), Reliance Industries (up 1.64%), GAIL (India) (up 1.56%), Hindustan Petroleum Corporation (up 0.85%), Adani Total Gas (up 0.67%), Petronet LNG (up 0.64%) and Bharat Petroleum Corporation (up 0.63%) advanced.

On the other hand, Mahanagar Gas (down 1.4%) and Indraprastha Gas (down 0.55%) edged lower.

Stocks in Spotlight:

Biocon added 3.88% after the company said that Biocon Biologics has received approval from the Pharmaceuticals and Medical Devices Agency (PMDA) of Japan for Ustekinumab BS subcutaneous injection.

Zydus Lifesciences rallied 3.85% after its wholly-owned subsidiary, Sentynl Therapeutics, and Fortress Biotech received U.S. Food and Drug Administration approval for filing and priority review of new drug applications (NDA) for CUTX-101.

Kalyan Jewellers India shed 0.70%. The company concluded the quarter by recording a consolidated revenue growth of approximately 39% when compared to the same period in the previous financial year.

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