Firm Start To The Week; Energy Stocks Surge

Indian share markets began the trading week on a firm note and continued the upward momentum to hit new highs. At the closing bell, the BSE Sensex closed higher by 109 points and the NSE Nifty finished up by 41 points. The S&P BSE Mid Cap finished up by 1.1% while S&P BSE Small Cap finished up by 1.3%. Gains were largely seen in consumer durables stocks, realty stocks and energy stocks.

Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.1%, while the Shanghai Composite & the Hang Seng fell 0.77% and 0.36% respectively. European markets are mixed today. The CAC 40 is up 0.13% while the DAX gains 0.09%. The FTSE 100 is off 0.11%.

Rupee was trading at Rs 64.93 against the US$ in the afternoon session. Oil prices were trading at US$ 53.8 at the time of writing.

Oil & gas stocks finished the day with Suzlon Energy share price and Oil India Ltd share price leading the gains.

As per an article in The Livemint, Indian Oil Corporation (IOC) has been given green nod for augmenting its Koyali-Sanganer pipeline (KSPL) capacity up to 6 million tonnes per annum (MTPA) from existing 4.6 MTPA at a cost of Rs 2.73 billion.

Cross-country pipelines are globally recognised as the safest, cost-effective, energy-efficient and environment- friendlymode for transportation of Naphtha oil and petroleum products. IOC operates a network of about 11,750 km long Naphtha oil, petroleum product and gas pipelines with a throughput capacity of 85.5 MTPA of oil and 9.5 million metric standard cubic meter per day of gas.

Meanwhile, IOC reported an 18.4% jump in September quarter net profit to Rs3,696.29 crore from a year ago on account of higher volumes despite increased costs. Indian Oil’s revenue jumped about 10% to Rs 1.1 trillion in the second quarter from a year earlier as the company stepped up sale of refinery products in domestic and export markets.