Indices trade with strong gains amid US Presidential elections; oil & gas stocks rally

The key equity indices traded with major gains in early afternoon trade, as a clearer picture regarding the US Presidential elections emerges, traders are more confident regarding former President Donald Trump clinching victory. The Nifty traded above the 24,400 level. Oil & gas shares extended gains for the two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex advanced 723.07 points or 0.91% to 80,197.46. The Nifty 50 index added 213.40 points or 0.88% to 24,426.70.

In the broader market, the S&P BSE Mid-Cap index rallied 1.55% and the S&P BSE Small-Cap index gained 1.43%.

The market breadth was strong. On the BSE, 2,817 shares rose and 995 shares fell. A total of 115 shares were unchanged.

 

IPO Update:

The initial public offer (IPO) of Swiggy received bids for 1,11,88,074 shares as against 16,01,09,703 shares on offer, according to stock exchange data at 12:20 IST on Wednesday (06 November 2024). The issue was subscribed 0.07 times.

The issue opened for bidding on Wednesday (06 November 2024) and it will close on Friday (08 November 2024). The price band of the IPO is fixed between Rs 371 to Rs 390 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 7.21% to 14.96. The Nifty 28 November 2024 futures were trading at 24,520.20, at a premium of 93.5 points as compared with the spot at 24,426.70.

The Nifty option chain for the 28 November 2024 expiry showed maximum Call OI of 30.4 lakh contracts at the 25,000 strike price. Maximum Put OI of 39.8 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index rose 1.91% to 11,460.05. The index added 2.70% for the two trading session.

Oil India (up 6.99%), GAIL (India) (up 6.33%), Hindustan Petroleum Corporation (up 4.58%), Bharat Petroleum Corporation (up 3.13%), Mahanagar Gas (up 2.94%), Indian Oil Corporation (up 2.48%), Gujarat Gas (up 2.19%), Adani Total Gas (up 2%), Petronet LNG (up 1.55%) and Castrol India (up 1.45%) advanced.

Oil India rallied 6.99% after the petroleum business companys net profit zoomed 379.29% to Rs 2,016.20 crore in Q2 FY25 as against Rs 420.66 crore in Q2 FY24. Revenue from operations (excluding excise duty) fell 3.32% to Rs 7,247.03 crore in Q2 FY25 from Rs 7,496.51 crore reported in the same period a year ago.

Meanwhile, the company's board declared an interim dividend of Rs 3 per share for financial year 2024-25. The interim dividend declared shall be paid on or before 4 December 2024.

Stocks in Spotlight :

CCL Products (India) surged 9.87% after the coffee products makers consolidated net profit increased 21.51% to Rs 73.95 crore on 21.5% rise in net sales to Rs 73,819.77 crore in Q2 FY24 over Q2 FY23.

Manappuram Finance fell 2%. The companys consolidated net profit added 2.19% to Rs 570.65 crore on 21.30% increase in total income to Rs 2,637.14 crore in Q2 FY25 over Q2 FY24.

Mankind Pharma rose 0.13%. The companys consolidated net profit surged 30.43% to Rs 653.47 crore on a 13.6% rise in revenue to Rs 3,076.51 crore in Q2 FY25 as compared to Q2 FY24.

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