Nifty climbs above 21,850; oil & gas shares rally for 3rd day

Indian equity indices extended gains and traded near the day's high in early afternoon trade. The Nifty marched above the 21,850 mark. Oil & gas shares extended gains for the third consecutive trading session.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 351.03 points or 0.49% to 72,082.45. The Nifty 50 index added 107.05 points or 0.49% to 21,878.75.

In the broader market, the S&P BSE Mid-Cap index added 0.51% and the S&P BSE Small-Cap index rose 0.96%.

The market breadth was positive. On the BSE, 2,211 shares rose and 1,552 shares fell. A total of 118 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.89% to 15.76. The Nifty 29 February 2024 futures were trading at 21,958.55, at a premium of 79.8 points as compared with the spot at 21,878.75.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 43.7 lakh contracts at the 23,000 strike price. Maximum Put OI of 35.2 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index advanced 1.97% to 11,493.70. The index rallied 7.13% in three trading sessions.

Petronet LNG (up 5.87%), Bharat Petroleum Corporation (up 3.39%), Oil & Natural Gas Corpn (up 3.33%), Gujarat State Petronet (up 3.3%), Mahanagar Gas (up 3.18%), Castrol India (up 3.18%), Hindustan Petroleum Corporation (up 3.04%), Indian Oil Corporation (up 2.1%), Indraprastha Gas (up 2.03%) and Adani Total Gas (up 0.92%) edged higher.

On the other hand, Aegis Logistics (down 1.23%), GAIL (India) (down 0.61%) and Reliance Industries (down 0.36%) edged lower.

Stocks in Spotlight:

BSE slipped 3.50% after the exchange platforms consolidated net profit fell 10.22% to 108.19 crore in Q3 FY24 as against Rs 120.50 crore posted in Q2 FY24. However, revenue from operations increased 18.13% quarter on quarter (QoQ) to Rs 371.53 crore in the qarter ended 31 December 2023. On YoY basis, the exchange and data platforms consolidated net profit surged 109.51% while revenue from operations jumped 82.16% during the third quarter of FY24.

Avanti Feeds rose 1.36% after the animal feed company's net profit rose 16.04% to Rs 72.47 crore in Q3 FY24 as compared with Rs 62.45 crore in Q3 FY23. Revenue from operations increased 13.66% to Rs 1,253.23 crore in Q3 FY24 as compared with Rs 1,102.58 crore in Q3 FY23.

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