The key equity barometers traded with modest gains and hit a fresh intraday high in mid-afternoon trade. The Nifty traded a tad above the 17,800 level after hitting the day's low of 17,716.85 in early trade. Oil & gas shares witnessed buying demand for three trading sessions.
At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 176.84 points or 0.29% to 60,232.94. The Nifty 50 index added 59.15 points or 0.33% to 17,802.55.
In the broader market, the S&P BSE Mid-Cap index rose 0.02% while the S&P BSE Small-Cap index gained 0.36%.
The market breadth was positive. On the BSE, 1,898 shares rose and 1,573 shares fell. A total of 120 shares were unchanged.
Numbers to track:
The yield on India's 10-year benchmark federal paper declined to 7.103 from 7.111 in previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.9050 compared with its close of 81.92 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement added 0.05% to Rs 60,029.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 101.32.
The United States 10-year bond yield slipped 1.95% to 3.447.
In the commodities market, Brent crude for June 2023 settlement rose 29 cent or 0.35% to $83.02 a barrel.
Buzzing Index:
The Nifty Oil & Gas index advanced 0.62% to 7,398.10. The index gained 0.97% in past three trading sessions.
Adani Total Gas (up 5%), Indraprastha Gas (up 2.03%), Oil India (up 1.47%), Hindustan Petroleum Corporation (up 1.42%), Petronet LNG (up 0.93%), Indian Oil Corporation (up 0.51%), Castrol India (up 0.47%), Bharat Petroleum Corporation (up 0.23%), Oil & Natural Gas Corporation (up 0.22%) and Gujarat State Petronet (up 0.08%) edged higher.
On the other hand, Aegis Logistics (down 1.63%), Gujarat Gas (down 0.99%) and Mahanagar Gas (down 0.53%) declined.
Stocks in Spotlight:
Sun Pharmaceuticals Industries fell 0.88%. The company said that one of its wholly owned subsidiary has launched a novel ophthalmology treatment, CEQUA, in India for patients who have dry eye disease (DED).
Meghmani Finechem tumbled 4.99% after the company's consolidated net profit declined 23% to Rs 76.73 crore in Q4 FY23 from Rs 99.18 crore in Q4 FY22. Revenue from operations increased by 13% YoY to Rs 562.17 crore in the fourth quarter.
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