Market Commentary - Mid-Session
Indices trade with minor losses; oil & gas stocks slip As on : 26-Nov-24  14:32

The benchmark indices traded with small losses in mid-afternoon trade. The Nifty traded below the 24,200 mark after hitting the day's high of 24,343.30 in early trade. Oil & gas shares slipped after advancing for the past two trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 162.77 points or 0.20% to 79,956.99. The Nifty 50 index lost 41.10 points or 0.17% to 24,180.05.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.40% and the S&P BSE Small-Cap index added 0.58%.

The market breadth was positive. On the BSE, 2,266 shares rose and 1,562 shares fell. A total of 145 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index lost 0.48% to 10,926.60. The index added 2.37% in the past two consecutive trading sessions.

Aegis Logistics (down 3.03%), Oil India (down 2.85%), Adani Total Gas (down 2.24%), GAIL (India) (down 2.07%), Oil & Natural Gas Corporation (down 1.73%), Petronet LNG (down 0.91%), Mahanagar Gas (down 0.78%), Indraprastha Gas (down 0.72%), Bharat Petroleum Corporation (down 0.51%) declined.

On the other hand, Gujarat Gas (up 1.73%) ,Gujarat State Petronet (up 1.66%) and Hindustan Petroleum Corporation (up 1.54%) added.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.76% to 6.942 as compared with the previous close of 6.940.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.2875, compared with its close of 84.2950 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement declined 0.45% to Rs 74,971.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.27% to 107.10.

The United States 10-year bond yield added 0.84% to 4.301.

In the commodities market, Brent crude for November 2024 settlement added 45 cents or 0.62% to $73.46 a barrel.

Stocks in spotlight:

Allcargo Logistics added 1.44% after its LCL volume for the month of October 2024 stood at 7.46 lakh cubic meters (cbm), registering the growth of 5% as compared with 7.13 lakh cbm in the month of October 2023.

KEI Industries rose 0.72%. The company informed that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 3,880.54 per share.

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