Today Indian share markets finished the trading day Dull End to the Week “Oil & Gas Stocks Rally“.
The S&P BSE Sensex ended at 29,647.42, up 115.99 points while the Nifty closed at 9,173.75, 29.95 points higher.
Asian stock markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.38%, while the Nikkei 225 & Hang Seng fell 0.81% and 0.78% respectively. European markets are lower today with shares in London off the most. The FTSE 100 is down 0.48% while France’s CAC 40 is off 0.36% and Germany’s DAX is lower by 0.08%.
Indian Oil Corporation share price surged 3.5% as the company signed a memorandum of understanding to supply petroleum products to Nepal Oil Corporation (NOC) for a further five years.
Indian Oil has been supplying petroleum, oil and lubricants (POL) to NOC since 1974 when the first supply agreement was signed, which has been renewed periodically. The latest agreement has been signed for the period of April 2017 to March 2022.
This agreement will enable NOC to meet its requirements of all major POL products, including petrol, diesel, kerosene, aviation turbine fuel and LPG. Under the new agreement, Indian Oil will supply BS-IV grade fuels to Nepal from 1 April to assist the country with opting for greener fuel.
Nifty Bank index fell 0.8 percent due to correction in private banks but PSU Bank index gained 0.35 percent on hopes of NPA resolution. SBI rose 0.9 percent whereas HDFC Bank, Axis Bank and ICICI Bank were down around 1.5 percent each.
Metal gained the most among sectoral indices, up over a percent supported by Hindalco, JSPL, Coal India, Tata Steel and NALCO that gained 1-3 percent.
Among others, HDFC, ITC, Infosys, TCS, HUL and Tata Motors were down 0.4-1 percent whereas L&T, Maruti Suzuki and NTPC gained more than 1 percent.
Fertiliser stocks gained 2-6 percent on likely change in urea subsidy while IOC rallied 3.4 percent on addition in Nifty 50 index.
The rupee was trading at 64.83 per US dollar.
Top 5 Nifty Gainers: RELIANCE (3.93%), IOC (2.71%), HINDALCO (2.23%), ACC (2.19%) and NTPC (1.69%).
Top 5 Nifty Losers: HDFCBANK (-1.79%), ICICIBANK (-1.78%), GRASIM (-1.69%), AXISBANK (-1.69%) and HDFC (-1.32%)
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