Indices turn rangebound; oil & gas stocks climb for 3rd day

The key equity indices continued to trade in a narrow range with strong gains in mid-afternoon trade. The Nifty traded above the 24,550 mark. Oil & gas shares extended gains in the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 821.42 points or 1.05% to 80,723.11. The Nifty 50 index added 230.20 points or 0.95% to 24,561.15.

The Sensex and Nifty clocked an all-time high of 80,893.51 and 24,592.20 respectively in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.08% and the S&P BSE Small-Cap index gained 0.14%. The S&P BSE Mid-Cap index hit an all-time high at 47,858.24.

The market breadth was negative. On the BSE, 1,762 shares rose and 2,101 shares fell. A total of 124 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index rose 0.54% to 12,848.75. The index added 1.69% in three trading sessions.

Oil India (up 7.47%), Castrol India (up 1.07%), Reliance Industries (up 1.05%), Oil & Natural Gas Corporation (up 0.85%) and Mahanagar Gas (up 0.02%) advanced.

On the other hand, Indian Oil Corporation (down 4.12%), Aegis Logistics (down 3.25%) and Hindustan Petroleum Corporation (down 2.09%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal rose 0.01% to 6.983 as compared with previous close 6.982.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5100, compared with its close of 83.5300 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement shed 0.19% to Rs 73,170.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 104.34.

The United States 10-year bond yield gained 0.82% to 4.224.

In the commodities market, Brent crude for September 2024 settlement added 80 cents or 0.94% to $86.20 a barrel.

Stocks in Spotlight:

Puravankara fell 1.98%. The companys customer collections jumped 39% to Rs 965 crore in Q1 FY25 from Rs 696 crore posted in Q1 FY24.

AVG Logistics added 2.56% after the company announced that it has been awarded the tender as the authorized partner for express parcel services by Uttar Pradesh State Road Transport Corporation (UPSRTC).

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