Sensex Off Day’s High, Up Over 200 Points; Broader Markets See Profit-Booking

BPCL, GAIL, IOC and ONGC shed between 2.5 per cent and 5.6 per cent each on the BSE

The domestic stock markets are trading in the green, albeit off their intra-day highs in late-noon trading as gains in financial stocks have been largely offset by weakness in the oil marketing space. At 2.20 pm, the Sensex had surrendered around 300 points from the highs of the day and was trading at 50,712.35, up 256.50 points or 0.51 per cent and the Nifty was at 15,005.95, up 49.75 points or 0.32 per cent. The broader markets are, however, witnessing profit-booking after their recent out-performance, with the BSE Midcap and BSE Smallcap indices shedding more than 1 per cent each.

Meanwhile, the rupee appreciated by 18 paise to 73.07 against the US dollar in early trading supported by positive domestic equities. At the interbank forex market, the rupee opened at 73.16 against the US dollar and then inched higher to 73.07.

On the primary market front, the initial public offer of Easy Trip Planners has been subscribed 2.65 times so far on the second day of bidding, with the retail investor segment fully subscribed.

On the stock-specific front, financial stocks are witnessing buying interest, with the likes of SBI Life Insurance, Kotak Mahindra Bank, HDFC Bank, Axis Bank, ICICI Bank and HDFC gaining 1.3-5.2 per cent each on the BSE. AAsian Paints and Shree Cements are the other significant gainers among BSE stocks.

But oil marketing company shares are on a slippery slope as oil prices settled lower on Monday, retreating from a session peak above $70 a barrel after attacks on oil facilities in Saudi Arabia lifted prices that high for the first time since the Covid-19 pandemic began. Brent settled down $1.12 or 1.6 per cent at $68.24. U.S. West Texas Intermediate (WTI) crude settled down $1.04 or 1.6 per cent at $65.05. BPCL, GAIL, IOC and ONGC have shed between 2.5 per cent and 5.6 per cent each on the BSE.

The BSE market breadth is strong. Out of 3,124 stocks traded on the BSE, there are 1,108 advancing stocks as against 1,811 declines.

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