Broader market outperforms; oil & gas stocks edge higher for 6th day

The domestic equity barometers continued to trade in a muted manner in early afternoon trade. The Nifty traded above the 19,400 mark. Oil & gas stocks extended their rising streak for sixth day in a row.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 21.90 points or 0.03% to 64,964.30. The Nifty 50 index added 27.60 points or 0.14% to 19,434.30.

In the broader market, the S&P BSE Mid-Cap index advanced 0.74% while the S&P BSE Small-Cap index rose 0.71%.

The market breadth was strong. On the BSE, 2089 shares rose and 1463 shares fell. A total of 154 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 0.20% to 11.17. The Nifty 30 November 2023 futures were trading at 19,497.05, at a premium of 62.75 points as compared with the spot at 19,434.30.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 31.2 lakh contracts at the 20,000 strike price. Maximum Put OI of 45.5 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index rose 0.90% to 7,996.25. The index has added 5.08% in six sessions.

Hindustan Petroleum Corporation (up 7.2%), Bharat Petroleum Corporation (up 3.07%), Castrol India (up 2.33%), Oil & Natural Gas Corp (up 1.06%) and Oil India (up 1.03%) were the top gainers.

Among the other gainers were Indian Oil Corporation (up 0.62%), Reliance Industries (up 0.59%), Aegis Logistics (up 0.14%), Adani Total Gas (up 0.02%).

On the other hand, Gujarat State Petronet (down 1.54%), Indraprastha Gas (down 1.25%) and Petronet LNG (down 0.95%) turned lower.

Stocks in Spotlight:

Prestige Estates Projects jumped 4.75%. The company�s consolidated net profit zoomed six times to Rs 850.9 crore in Q2 FY24 as compared with Rs 140.70 crore posted in Q2 FY23. Revenue from operations jumped 56.64% to Rs 2,236.4 crore during the quarter compared with Rs 1,427.7 crore recorded in the corresponding quarter last year.

Indian Railway Catering and Tourism Corporation shed 0.27%. The company has reported 30.4% rise in net profit to Rs 226.03 crore on a 23.5% increase in total revenue to Rs 995.31 crore in Q2 of FY 2023-24 in comparison to Q2 of FY 2022-23.

Inox Wind was down 0.02%. The company�s approved raising funds through the issuance of 0.01% non-convertible non-cumulative participating redeemable preference shares (NCPRPS). The shares will have a face value of Rs 10 each and will be fully paid up at par for cash consideration. The issuance will be done through a private placement basis, and the total amount for which the securities will be issued is approximately Rs 500 crore.

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