Barometers trade higher; Oil & gas shares rally for 4th day

The equity benchmarks traded with limited gains in morning trade. The Nifty traded above the 22,500 level. Oil & gas shares witnessed buying demand for the fourth consecutive trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 502.58 points or 0.68% to 74,232.74. The Nifty 50 index added 105.40 points or 0.47% to 22,525.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.24% and the S&P BSE Small-Cap index added 0.08%.

The market breadth was positive. On the BSE, 2,093 shares rose and 1,461 shares fell. A total of 214 shares were unchanged.

Results Today :

UltraTech Cement (up 1.16%), Birlasoft (down 0.79%), Can Fin Homes (down 0.89%), Fedbank Financial Services (up 1.69%), Indostar Capital Finance ( up 0.24%), Jana Small Finance Bank( up 0.54%), KFin Technologies(down 0.12%), KPIT Technologies(up 0.48%), PNB Housing Finance (down 1.62%), Poonawalla Fincorp (up 0.29%), Shipping Corporation of India Land and Assets (down 5.68%), Shoppers Stop (up 1.31%), Spandana Sphoorty Financial (up 1.66%), Tata Chemicals (down 1.39%), Trent (up 0.25%), and UCO Bank (up 1.09%) will announce the quarter earnings today.

Buzzing Index:

The Nifty oil & gas index gained 1.20% to 11,926.20. The index rallied 2.98% in four consecutive trading sessions.

Aegis Logistics (up 6.09%), Hindustan Petroleum Corporation (up 3.03%), Indian Oil Corporation (up 2.48%), Gujarat State Petronet (up 1.89%) and Bharat Petroleum Corporation (up 1.12%) were the top gainers. Among the other gainers were GAIL (India) (up 0.82%), Reliance Industries (up 0.79%), Castrol India (up 0.63%), Indraprastha Gas (up 0.42%) and Oil & Natural Gas Corpn (up 0.25%).

Stocks in Spotlight:

Bajaj Holdings & Investment rose 1.11% after the company reported consolidatd net profit of Rs 2716 crore in Q4 FY24 as compared to net profit of Rs 1353 crore in Q4 FY23. Total income rose to Rs 1222 crore in Q4 FY24 as compared with Rs 106 crore in Q4 FY23.

SBI Cards and Payment Services fell 3.65%. The company reported 11.05% increase in net profit to Rs 662.37 crore on 14.25% rise in total income to Rs 4,474.57 crore in Q4 FY24 over Q4 FY23.

SBI Life Insurance Company advanced 1.72% after the life insurer's net profit rose 4.37% to Rs 810.80 crore on 64.73% jump in total income to Rs 37,567.50 crore in Q4 FY24 over Q4 FY23.

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