Sensex slides 430 pts; oil & gas shares extend losses for 9th day

The key equity indices traded with substantial losses in early afternoon trade. The Nifty hovered below the 23,400 level. Oil & gas shares witnessed selling pressure for the nineth consecutive trading session. Trading could be volatile due to the weekly F&O series expiry today.

At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 430.59 points or 0.55% to 77,147.75. The Nifty 50 index lost 164.75 points or 0.70% to 23,353.75.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index shed 0.05% and the S&P BSE Small-Cap index fell 0.49%.

The market breadth was weak. On the BSE, 1,142 shares rose and 2,698 shares fell. A total of 135 shares were unchanged.

 

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.95% to 15.51. The Nifty 28 November 2024 futures were trading at 23,387, at a premium of 33.25 points as compared with the spot at 23,353.75.

The Nifty option chain for the 28 November 2024 expiry showed maximum Call OI of 58.3 lakh contracts at the 24,000 strike price. Maximum Put OI of 55.6 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index lost 1.39% to 10,455.15. The index tumbled 9.32% in nine consecutive trading sessions.

Adani Total Gas (down 11.35%), Aegis Logistics (down 5.57%), Indraprastha Gas (down 2.32%), Bharat Petroleum Corporation (down 1.39%), Oil & Natural Gas Corporation (down 1.29%), Reliance Industries (down 1.29%), Indian Oil Corporation (down 1.22%), Oil India (down 1%), Castrol India (down 0.95%) and Mahanagar Gas (down 0.26%) tumbled.

On the other hand, Gujarat State Petronet (up 2.94%), Petronet LNG (up 2.44%) and Gujarat Gas (up 1.89%) added.

Stocks in Spotlight :

Orissa Minerals Development Company shed 0.24%. The company has reported 58.9% decline in net profit to Rs 0.79 crore on a 40.7% increase in net sales to Rs 23.39 crore in Q2 FY25 as compared with Q2 FY24.

Praveg rose 0.50%. The company announced its partnership with Lallooji & Sons as the master franchise for marketing and booking of 400 luxury tents at the renowned Rann Utsav 2024-25.

Britannia Industries declined 2.39% after the company informed that it has received a notice from the Food Safety and Standards Authority of India (FSSAI) to prohibit the sale of one batch of its product.

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