Nifty hovers above 24,000; oil & gas rally for 3rd day

The frontline indices continued to trade with decent gains in mid-morning trade. The Nifty traded above the 24,000 level. Oil & gas shares extended gains for the third consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 194.24 points or 0.26% to 79,448.49. The Nifty 50 index rose 65.75 points or 0.31% to 24,120.20.

The Sensex and Nifty clocked an all-time high of 79,671.58 and 24,174, respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index gained 0.49% and the S&P BSE Small-Cap index added 0.66%.

The market breadth was strong. On the BSE, 2,292 shares rose and 1,416 shares fell. A total of 143 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Vraj Iron and Steel received 17,13,53,808 for shares as against 61,38,462 shares on offer, according to stock exchange data at 11:20 IST on Friday (28 June 2024). The issue was subscribed 27.91 times.

The issue opened for bidding on Wednesday (26 June 2024) and it will close on Friday (28 June 2024). The price band of the IPO is fixed between Rs 195 to Rs 207 per share. An investor can bid for a minimum of 72 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Oil & Gas index added 1.97% to 12,258.80. The index rallied 4.28% in the three consecutive trading sessions.

Mahanagar Gas (up 5.39%), Aegis Logistics (up 5.35%), Oil India (up 4.75%), Indraprastha Gas (up 4.01%), Oil & Natural Gas Corporation (up 2.6%), Gujarat State Petronet (up 2.08%), Petronet LNG (up 1.92%), Reliance Industries (up 1.81%), GAIL (India) (up 1.72%) and Indian Oil Corporation (up 1.42%) advanced.

On the other hand, Adani Total Gas (down 0.51%) declined.

Stocks in Spotlight:

RBL Bank rose 0.78%. The bank�s board approved of raising funds through qualified institutional placement (QIP) and issue of debt securities aggregating upto Rs 6,500 crore.

KPI Green Energy rallied 3.39% after the company received a sanction letter for Rs 686 crore in credit facilities for a 200 MW solar project in Khavda. Rs 225 crore raised through a QIP earlier will be used to partially fund the project.

Global Markets:

Asian stocks traded higher on Friday as investors look forward to U.S. core PCE data later today, which could solidify expectations of a Fed rate cut.

Tokyo consumer prices rose in June. While headline Consumer Price Index (CPI) inflation rose to 2.3% year-on-year in June, compared to 2.2% in May, core inflation print that excludes both fresh food and energy prices, grew to 1.8% in June from 1.7% in May.

US stock market ended with minor gains on Thursday as treasury yields eased ahead of the fresh inflation data. The Dow Jones Industrial Average gained 0.09%, while the S&P 500 rose 0.09%. The Nasdaq Composite ended 0.30%.

Alphabet shares rose 0.83% and Meta Platforms stock price gained 1.25%. Amazon shares rallied 2.19%, while Nvidia shares declined 1.90%.

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