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Market Commentary - Mid-Session
Barometers trade near flat line; oil & gas shares slide As on : 08-Nov-24  10:38

The key equity indices traded near flat line with negative bias in morning trade. The Nifty traded below the 24,200 level. Oil & gas shares extended losses for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex shed 21.74 points or 0.03% to 79,520.05. The Nifty 50 index lost 13.20 points or 0.05% to 24,186.15.

In the broader market, the S&P BSE Mid-Cap index fell 0.23% and the S&P BSE Small-Cap index declined 0.48%.

The market breadth was negative. On the BSE, 1,613 shares rose and 2,003 shares fell. A total of 156 shares were unchanged.

Result Today:

Tata Motors (down 0.85%), Ashok Leyland (down 1.53%), State Bank of India (down 1.10%), MRF (down 0.58%), Welspun Corp (down 0.99%), Motherson Sumi Wiring India (down 0.43%), Fortis Healthcare (down 0.91%), Aarti Industries (down 0.68%), Metropolis Healthcare (up 0.13%), Dreamfolks Services (up 0.09%), Jupiter life Line Hospitals (up 0.92%), GE Vernova T&D (up 0.57%), India Cements (up 1.85%), Inox India (up 5.92%), Info Edge (down 0.80%), Orient Cement (down 0.99%), Piccadily Agro (up 2.54%), Premier Energies (up 1.95%), Puravankara (down 1.15%), Relaxo Footwears (down 0.98%), R Systems International (Q3) (down 0.25%), Safari Industries (up 1.11%), ZF Commercial (down 0.48%), Mrs. Bectors Food Specialities (up 0.21%) and Cholamandalam Financial (down 1.19%) will declare their result later today.

Buzzing Index:

The Nifty Oil & Gas index fell 1.40% to 11,292.55. The index slipped 2.07% in two consecutive trading sessions.

Petronet LNG (down 3.43%), Gujarat Gas (down 2.94%), Oil India (down 2.93%), Hindustan Petroleum Corporation (down 2.71%), GAIL (India) (down 2.06%), Bharat Petroleum Corporation (down 2.03%), Gujarat State Petronet (down 1.61%), Indian Oil Corporation (down 1.46%), Reliance Industries (down 1.23%) and Oil & Natural Gas Corpn (down 0.98%) declined.

Stocks in Spotlight:

Ircon International dropped 4.79% after the company's consolidated net profit decline 17.90% to Rs 205.9 crore in Q2 FY25 as against Rs 250.8 crore posted in Q2 FY24. Revenue from operations slipped 19.31% to Rs 2,447.52 crore during the quarter as compared with Rs 3,033.27 crore posted in corresponding quarter last year.

Mahanagar Gas added 0.05%. The company said that it will form a joint venture entity with International Battery Company for undertaking the manufacturing, promotion, marketing, distribution and sale of battery cells to customers in India.

Rail Vikas Nigam (RVNL) fell 5.34% after the company reported 27.26% decline in consolidated net profit to Rs 286.89 crore in Q2 FY25 as against Rs 394.42 crore posted in Q2 FY24. However, revenue from operations decreased 1.20% YoY to Rs 4,854.95 crore in the quarter ended 30 September 2024.

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