Broader mkt rallies; oil & gas shares extend gains for 5th day

The key equity indices pared all early losses and traded with minor gains in morning trade. The Nifty traded above the 24,850 mark. Oil & gas shares witnessed buying demand for the fifth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 99.36 points or 0.13% to 81,455.20. The Nifty 50 index advanced 35.60 points or 0.14% to 24,871.70.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.41% and the S&P BSE Small-Cap index gained 0.75%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 48,288.77 and 55,352.70, respectively.

The market breadth was strong. On the BSE, 2,240 shares rose and 1,342 shares fell. A total of 156 shares were unchanged.

Result today:

Gail (up 0.97%), Varun Beverages (down 0.51%), Tata Consumer Products (down 0.14%), 360 ONE WAM (up 2.66%), Aegis logistics (up 0.24%), Ajanta Pharma (up 0.18%), Apar Industries (up 1%), Arvind SmartSpaces (up 0.92%), Carborundum Universal (down 0.19%), CarTrade Tech (down 0.41%), Castrol India (down 0.26%), Dixon Technologies (down 0.31%), Exide Industries (down 1.54%), Fine Organics Industries (up 4%), Force Motors (up 1.99%), Firstsource Solutions (down 0.52%), Granules India (down 0.71%), Greenpanel Industries (up 0.45%), Indiamart Intermesh (down 0.53%), Indus Towers (up 1.57%), Indian Oil Corporation (up 2.44%), Jindal Stainless (down 0.41%) and LLOYDS Metals and Energy (up 0.26%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Oil & Gas index gained 1.04% to 13,321.90. The index rallied 6.57% in five consecutive trading sessions.

Bharat Petroleum Corporation (up 5%), Hindustan Petroleum Corporation (up 3.6%), Mahanagar Gas (up 3.14%), Gujarat State Petronet (up 3.03%), Gujarat Gas (up 2.65%), Indian Oil Corporation (up 2.28%), Oil & Natural Gas Corpn (up 1.56%), Indraprastha Gas (up 1.52%), Petronet LNG (up 1.2%) and GAIL (India) (up 0.94%) advanced.

On the other hand, Reliance Industries (down 0.28%), Castrol India (down 0.18%) and Aegis Logistics (down 0.16%) edged lower.

Stocks in Spotlight:

ACC shed 0.74%. The company's consolidated net profit declined 22.47% to Rs 361.40 crore in Q1 FY25 as compared with Rs 466.14 crore in corresponding quarter last year. Revenue from operations fell marginally 0.89% YoY to Rs 5,154.89 crore in Q1 FY25.

Aarti Drugs advanced 1.44% after the pharmaceuticals company informed that its Baddi facility has received Establishment Inspection Report (EIR) from US drug regulator, concluding the inspection as closed.

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