Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Oil & Gas stocks push up markets
Thu, 17 Jun 11:30 am

Markets are traded marginally in the positive during the previous two hours of trade after a volatile session in the morning. Key Asian markets are trading mixed. Stocks from the oil & gas and healthcare space are witnessing buying interest while stocks from the IT and realty space are trading in the red.

The BSE-Sensex is trading higher by around 6 points, while the NSE-Nifty is down by about 6 points. Some buying interest is being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.2% and 0.6% respectively. The rupee is trading at 46.54 to the US dollar.

Oil & Gas stocks are currently trading in the green. As per a leading news daily, RIL plans to bid for three Ultra Mega Power Projects (UMPPs) in Chhattisgarh, Orissa and Tamil Nadu. This will mark RIL’s entry into the power sector. However, its power foray is likely to be coal or renewable energy based. Further, RIL is also looking out for solar energy and renewable energy sources like wind and biomass as a major investment area in future. The company is not only planning to bid for UMPPs but is also on a look out for acquisition of power plants. It should be noted that RIL missed out on the power bonanza up till now because of the non-compete agreement signed with the ADAG group. However, with the barrier of non- compete agreement now being detached RIL is free to venture out in the power space.

RIL is in the process for purchasing the request for quotation (RFQ) documents for these UMPPs. The government has invited bids for the 4,000 MW UMPP in Chhattisgarh by July 05 and a similar project at Bedabahal in Orissa by July 30. The RFQ for the Tamil Nadu UMPP may be issued soon. With the government setting a target of adding over 200,000 MW of additional power generation before the end of the 12th Five-Year Plan in 2017, power generation is likely to be a lucrative destination for new as well as existing players.

Banking stocks are mainly trading in the negative with Federal Bank and Andhra Bank leading the declines. Indian Overseas Bank is however one of the top gainers in the sector. SBI announced that it will launch its wealth management initiatives in the current fiscal. The bank has so far already launched financial planning and advisory services. The bank also plans on setting up private equity funds as one of the new initiatives. This is part of the bank’s push into new businesses and in its effort to increase its fee based income.

The bank has also been seeing potential in India’s increased usage of credit and debit cards and plans to install 0.6 m point of sales terminals in the country over the next five years. These terminals will also be present in rural areas and increase sales of merchant establishments across the country. Mobile banking services are also expected to roll out soon.

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

What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "Oil & Gas stocks push up markets". Click here!


Stock Market Updates

GUJ. STATE PETRONET Share Price Up by 5%; BSE 500 Index Up 1.4% (Today's Market)

Mar 2, 2021 03:31 PM

GUJ. STATE PETRONET share price is trading up by 5% and its current market price is Rs 262. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are GUJ. STATE PETRONET (up 5.2%) and GSK CONSUMER (up 5.1%). The top losers are BAYER CROPSCIENCE and LAURUS LABS.

GUJARAT PIPAVAV PORT Share Price Up by 12%; BSE REALTY Index Up 0.8% (Today's Market)

Mar 2, 2021 03:23 PM

GUJARAT PIPAVAV PORT share price is trading up by 12% and its current market price is Rs 114. The BSE REALTY is up by 0.8%. The top gainers in the BSE REALTY Index is GUJARAT PIPAVAV PORT (up 12.5%). The top losers are PRESTIGE ESTATES and PHOENIX MILL (down 0.2%).

STRIDES PHARMA SCIENCE Share Price Up by 5%; BSE HEALTHCARE Index Up 1.1% (Today's Market)

Mar 2, 2021 03:23 PM

STRIDES PHARMA SCIENCE share price is trading up by 5% and its current market price is Rs 878. The BSE HEALTHCARE is up by 1.1%. The top gainers in the BSE HEALTHCARE Index is STRIDES PHARMA SCIENCE (up 5.1%). The top losers are AJANTA PHARMA (down 0.4%) and CAPLIN POINT (down 0.4%).

JAGRAN PRAKASHAN Share Price Down by 7%; BSE 500 Index Up 1.3% (Today's Market)

Mar 2, 2021 03:23 PM

JAGRAN PRAKASHAN share price is trading down by 7% and its current market price is Rs 63. The BSE 500 is up by 1.3%. The top gainers in the BSE 500 Index are SYMPHONY (up 20.0%) and SHIPPING CORP (up 20.0%). The top losers is JAGRAN PRAKASHAN (down 7.4%)..

JK LAKSHMI CEMENT Share Price Up by 11%; BSE 500 Index Up 1.0% (Today's Market)

Mar 2, 2021 03:15 PM

JK LAKSHMI CEMENT share price is trading up by 11% and its current market price is Rs 438. The BSE 500 is up by 1.0%. The top gainers in the BSE 500 Index are JK LAKSHMI CEMENT (up 11.0%) and TTK PRESTIGE (up 11.1%). The top losers are CROMPTON GREAVES CONSUMER ELEC. and RAYMOND .

Sensex Trades Over 200 Points Higher; Dow Futures Down by 90 Points (Today's Market)

Mar 2, 2021 12:30 pm

BSE Sensex is trading up by 209 points, while the NSE Nifty is trading up by 76 points.

View More Indian Share Market News

Most Popular

It's the Beginning of a New Bull Phase in Smallcaps(Profit Hunter)

Feb 24, 2021

Last time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.

Make Rs 5,000 Per Day Trading the Market(Fast Profits Daily)

Feb 25, 2021

In this video, I'll show you how to get started on the path to daily trading profits.

I Believe the Investment of the Year Will Be...

Feb 19, 2021

In this episode, ace trader Brijesh Bhatia talks to us about the best investments of 2021, his profitable trading system, and much more.

The Hidden Tesla in My Great Indian Wealth Project(Profit Hunter)

Feb 23, 2021

An Indian company founded three decades ago in a garage caught my attention...


India's #1 Trader
Reveals His Secrets

Secret To Increasing Your Trading Profits Today
Get this Special Report,
The Secret to Increasing Your Trading Profits Today, Now!
We will never sell or rent your email id.
Please read our Terms


Mar 2, 2021 03:36 PM