Sensex up 500 pts; Nifty above 15,850

The benchmark indices continued to trade in a narrow range with major gains in the mid-afternoon trade. The Nifty traded a tad above the 15,850 level. Positive global cues boosted sentiment. The Nifty Oil & Gas Index rose for the second day in a row.

At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 500.64 points or 0.95% to 53,228.06. The Nifty 50 index gained 147.60 points or 0.94% to 15,846.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.99% while the S&P BSE Small-Cap index gained 1.70%.

The market breadth was strong. On the BSE, 2,481 shares rose and 872 shares fell. A total of 165 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell to 7.423 as compared with 7.444 at close in the previous trading session.

In the foreign exchange market, the rupee advanced against the dollar. The partially convertible rupee was hovering at 78.3175, compared with its close of 78.33 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement advanced 0.58% to Rs 50,919.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.29% to 103.89.

In the commodities market, Brent crude for August 2022 settlement rose 9 cents or 0.08% at $113.21 a barrel.

Buzzing Index:

The Nifty Oil & Gas index rose 1.03% to 7,404.50, continuing its gaining streak to the second day. The index has gained 2.18% in two trading sessions.

Among the components of the Nifty Oil & Gas index, ONGC (up 2.88%), Hindustan Petroleum Corporation (up 2.32%), Bharat Petroleum Corporation (up 2.16%), Gujarat Gas (up 1.72%) and GAIL (India) (up 1.55%) were the top gainers.

Stocks in Spotlight:

Dish TV India added 4.15% to Rs 12.54 after the company said that basis the votes casted by the shareholders at the EGM, Jawahar Lal Goel has vacated the office of the managing director of the company. He will continue as the non-executive director of the company, in terms of the applicable regulatory provisions. The company's extraordinary general meeting (EGM) was held on 24 June 2022.

Hindustan Copper rose 2.40% to Rs 87.40 after the state owned miner said that its board will consider raising funds on Thursday, 30 June 2022. The board of Hindustan Copper will consider a qualified institutional placement (QIP) of 9,69,76,680 equity shares of face value of Rs 5 each of the company in one or more tranches. Further, the company's board will also consider to offer, issue and allot secured or unsecured non-convertible debentures (NCDs) or bonds on private placement basis up to Rs 500 crore.

Varroc Engineering fell 1.06% to Rs 308.60. The company on Saturday announced that it incorporated a wholly-owned subsidiary, VL Lighting Solutions, on 24 June 2022. The subsidiary will carry out research and development activities in the field of automotive products.

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