Barometers trade near flat line; oil & gas shares advance

The domestic equity barometers traded near the flat line with small gains in early afternoon trade. The Nifty traded around the 21,650 mark. Oil & gas shares rallied for the third day in a row.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 22.96 points or 0.04% to 71,710.49. The Nifty 50 index added 180.70 points or 0.1% to 21,643.10.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.59% and the S&P BSE Small-Cap index added 0.55%.

The market breadth was positive. On the BSE, 2,142 shares rose and 1,556 shares fell. A total of 126 shares were unchanged.

Stock exchanges NSE and BSE on Friday said there will be normal trading session on Saturday, 20 January 2024 from the primary site in equity and equity derivatives segments as per regular market timings. Besides, it will be a trading holiday on Monday, 22 January 2024, with the Maharashtra government announcing a holiday in connection with the consecration of the Ram Temple in Ayodhya.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.27% to 13.92. The Nifty 25 January 2024 futures were trading at 21,678.10, at a premium of 24.6 points as compared with the spot at 21,653.50.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 83.4 lakh contracts at the 22,700 strike price. Maximum Put OI of 78.9 lakh contracts were seen at 20,500 strike price.

Buzzing Index:

The Nifty Oil & Gas index rose 0.48% to 10,408.35. The index advanced 2.75% in the three trading sessions.

Oil India (up 3.52%), Gujarat State Petronet (up 1.38%), Petronet LNG (up 1.29%), Hindustan Petroleum Corporation (up 1.08%) and Castrol India (up 1.03%), Oil & Natural Gas Corporation (up 0.6%), Bharat Petroleum Corporation (up 0.56%), Indian Oil Corporation (up 0.5%), Reliance Industries (up 0.14%) edged higher.

Stocks in Spotlight:

Godawari Power & Ispat shed 0.46%. The company said that Chhattisgarh Environment Conservation Board (CECB) has accorded its �consent to operate� for enhanced capacity of the company`s sponge iron division on trial basis.

RBL Bank advanced 1.54% after the bank�s standalone net profit grew by 11.54% to Rs 233.09 crore on 27.37% jump in total income to Rs 3968.95 crore in Q3 FY24 over Q3 FY23.

Prakash Industries was locked in 5% upper circuit after the company announced the receipt of �permission to establish� for its Bhaskarpara Commercial Coal Mine in Chhattisgarh from the Chhattisgarh Environment Conservation Board.

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