The Sensex and the Nifty were trading in a narrow range near day's high in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 229.30 points or 0.58% at 40,061.27. The Nifty 50 index was up 76.70 points or 0.64% at 12,022.60.
Broader market underperformed. The BSE Mid-Cap index was up 0.53%. The BSE Small-Cap index was down 0.04%.
The market breadth turned negative from positive. On BSE, 1037 shares rose and 1153 shares fell. A total of 129 shares were unchanged.
Shares of three state-run oil marketing companies rose after crude oil futures declined in the international commodity market. HPCL (up 2.85%), Indian Oil Corporation (up 2.61%) and BPCL (up 2.13%), edged higher.
Lower crude oil prices could reduce under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
Crude oil prices dropped on Friday after US President Donald Trump said he would impose tariffs on imports from Mexico, stoking fears about global economic growth. Brent for July 2019 settlement was down 87 cents at $66 a barrel. The contract fell $2.58 a barrel or 3.71% to settle at $66.87 a barrel during the previous trading session.
ONGC was up 0.21%. Net profit dropped 31.62% to Rs 4044.60 crore on 4.71% rise in total income to Rs 29008.74 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 30 May 2019.
ONGC got $61.93 for every barrel of crude oil it sold in the quarter, 3.6% lower than $64.27 per barrel realisation a year ago. Gas prices on GCV basis were 16.3% higher at $3.36 per million British thermal unit.
ONGC said total crude oil production fell 4.9% to 5.90 million tonne, but total gas output rose 7.9% to 6.558 billion cubic metre.
Most IT shares rose. Tech Mahindra (up 2.88%), HCL Technologies (up 1.80%), TCS (up 1.61%), Oracle Financial Services Software (up 1.08%), Infosys (up 0.99%) and MindTree (up 0.28%), edged higher. Persistent Systems (down 0.25%), Wipro (down 0.31%), Hexaware Technologies (down 1.07%) and MphasiS (down 1.54%), edged lower.
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