Sensex Opens Flat; Oil & Gas Stocks Gain

Mon, 27 Feb 09:30 am

   Previous Close   

   Pre-Open   

   11:30 am   

   01:30 pm   

   Closing   

Asian equity markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 1.16% while the Hang Seng is down 0.03%. The Shanghai Composite is trading down by 0.26%. Stock markets in the US finished their previous session on a positive note.

Meanwhile, Indian share markets have opened the day on a flat note. The BSE Sensex is trading higher by 9 points while the NSE Nifty is trading lower by 8 points. The BSE Mid Cap index and BSE Small Cap index both have opened the day up by 0.1% & 0.3% respectively.

Sectoral indices have opened the day on a mixed note with FMCG stocks and automobile stocks witnessing selling pressure. While, oil & gas stocks and information technology stocks are among the top gainers on the BSE. The rupee is trading at 66.83 to the US$.

Engineering stocks have opened the day on a mixed note with Jyoti Structures and Manugraph India being the most active stocks in this space. As per an article in a leading financial daily, Larsen & Tourbo's (L&T) arm Larsen and Toubro Hydrocarbon Engineering has bagged orders worth Rs 11 billion from Indian Oil Corporation for its Bongaigaon refinery in Assam.

The contract is for setting up a 0.740 MMTPA Fluidised Cracking Unit (FCC) including LPG Treatment Facility at their Bongaigaon Refinery in Assam.

The scope of work under the contract covers extended basic engineering, detailed engineering, procurement, supply, transportation, storage, fabrication, inspection, construction, installation, testing, mechanical completion, pre-commissioning and commissioning of the unit.

Diversification continues to help L&T (Subscription Required) negotiate and get better terms and margins for projects. Apparently, this is because it is less desperate to win orders as compared to a company which are present in only a couple of sectors. Its reputation, extensive technical prowess, and large skilled workforce have enabled L&T to command a certain premium from customers and vendors alike. Whether, further addition to these new projects provides a cushion to its profitability will be an interesting thing to watch out for going forward.

Subscribers can access to L&T's latest result analysis (subscription required) and L&T stock analysis on our website.

Moving on to the news from oil & gas stocks. According to an article in a leading financial daily, the board of Oil & Natural Gas Corporation (ONGC) Ltd has approved the signing of an agreement to buy Gujarat State Petroleum Corporation Ltd (GSPC)'s entire 80% stake in the KG basin gas block for US$1.2 billion.

Under the agreement, to be signed by the two companies, GSPC will have to buy natural gas from the block at a price of about US$6 per million British thermal units. In the fifth year, the price would be US$6.9 per mBtu.

Further, ONGC will also invest US$1.10 billion in GSPC assets to produce about 15 million tonnes of oil and about 3 billion cubic metres (bcm) of gas. Also, ONGC's decision is in line with the government's idea of public investments taking the lead in stimulating the economy.Meanwhile, The Economic Times reported that, ONGC will take control of Hindustan Petroleum Corp (HPCL) as part of the government's plan to create an integrated public sector oil entity.

The government of India will transfer its majority shareholding (of 51.11% in HPCL) to ONGC, which will then become the holding company of HPCL. Further, it was also reported that the status of all other oil companies such as Oil India Ltd (OIL) and Indian Oil Corp. (IOC) would remain unchanged.

The thinking behind such vertical integration is that it will reduce risk-high crude oil prices will boost the exploration business and when they drop, the distribution segment will benefit.

ONGC Share Price Performance

To know more about the company's financial performance, subscribers can access to ONGC's latest result analysis (subscription required) and ONGC stock analysis on our website.

ONGC share price opened the day up by 1.1%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers