Indices trade with minor losses; oil & gas shares advance

The key equity indices pared some of the losses but traded with small cuts in the afternoon trade. The Nifty traded below the 23,700 level. Oil & gas shares extended gains for the second consecutive trading session.

At 14:29 IST, the barometer index, the S&P BSE Sensex, declined 149.79 points or 0.20% to 78,051.96. The Nifty 50 index lost 36.50 points or 0.15% to 23,671.40.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 1.01% and the S&P BSE Small-Cap index fell 1.06%.

The market breadth was weak. On the BSE, 1,236 shares rose and 2,505 shares fell. A total of 147 shares were unchanged.

 

Economy:

The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the First Advance Estimates of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2024-25 along with its expenditure components both at constant (2011-12) and current prices.

Real GDP has been estimated to grow by 6.4% in FY 2024-25 as compared to the growth rate of 8.2% in the Provisional Estimate (PE) of GDP for FY 2023-24. Nominal GDP has witnessed a growth rate of 9.7% in FY 2024-25 over the growth rate of 9.6% in FY 2023-24. Real GVA has grown by 6.4% in FY 2024-25 over the growth rate of 7.2% in FY 2023-24.

Buzzing Index:

The Nifty Oil & Gas index added 1.88% to 11,107.75. The index gained 3.55% in two consecutive trading sessions.

Oil India (up 3.61%), Oil & Natural Gas Corpn (up 3.21%), GAIL (India) (up 2.55%), Reliance Industries (up 2.21%), Hindustan Petroleum Corporation (up 1.35%), Bharat Petroleum Corporation (up 1.24%), Petronet LNG (up 0.08%), Indian Oil Corporation (up 0.07%) advanced.

Meanwhile, Indraprastha Gas (down 4.9%) and Adani Total Gas (down 0.07%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 1.70% to 6.891 as compared with the previous close of 6.857.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.8525, compared with its close of 85.7450 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement rose 0.16% to Rs 77,652.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 108.83.

The United States 10-year bond yield shed 0.09% to 4.681.

In the commodities market, Brent crude for the March 2025 settlement declined 82 cents or 1.06% to $77.87 a barrel.

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