Sensex jumps over 400 pts led by oil and gas, IT, power stocks; Reliance tops Rs2,600-mark

The top gainers in the 50-pack index were ONGC which zoomed 9.8%, Coal India and IndusInd Bank was up 3.79% each, IOC and SBI Life also up 2.7% each.

Oct 05, 2021 03:10 IST India Infoline News Service

Domestic markets showed a smart recovery after a poor start as the indices erased intraday losses and trading in the green. The Sensex was 449 points higher at 59,749 and the Nifty jumped 77 points to 17,829.

The top gainers in the 50-pack index were ONGC which zoomed 9.8%, Coal India and IndusInd Bank was up 3.79% each, IOC and SBI Life were also up 2.7% each.

Top losers were Cipla, Hindalco, Shree Cement, Tata Consumer and Sun Pharma.

On the sectoral front, barring Nifty Realty which was down 1.3% and pharma also down in the sectoral indices. The broader markets continued to rise with the BSE Midcap up 0.3% and the Smallcap higher by 0.7%.

Oil and gas stocks were in a sharp rally after the Opec and allied countries stayed firm on their usual plan for a gradual uptick in oil output. After the latest meeting of OPEC+ that holds one of the largest oil producers in the world, crude oil prices spiked to a three-year high. Indian Oil and gas stocks emerged as top bulls of the day despite the broader markets tone being volatile. Major state-owned oil marketing companies had hit a new 52-week high with ONGC taking the lead. ONGC has touched a new high of Rs160.70 per piece, while Indian Oil and HPCL has clocked a new all-time high of Rs130.50 per piece and Rs313 per piece respectively.

Further, IRCTC, Tata Power, ONGC, Bharti Airtel and Reliance were among the top active stocks on the NSE.

Nifty Oil & Gas stocks surge 2.5%. while Nifty IT, Banking and Financial Services stocks trade higher. Nifty Pharma, PSU Bank, and Realty stocks remain under pressure.

Out of 50 stocks traded on the BSE, 32 advanced, 18 declined and 2 unchanged.

Shares of Bharti Airtel and Vodafone Idea jumped after the media reports said that the government said it is willing to reconsider one-time spectrum charges (OTSC) of Rs40,000cr levied on telecom companies. The Department of Telecommunications (DoT) has asked the Supreme Court for a 3-week time to review its decision to penalise telcos - Airtel and Vodafone Idea - for a delay in paying one-time spectrum charges.

Shares of Reliance Industries (RIL) hit Rs2,600-mark, which is currently trading up 2% at Rs2608.70 on the Sensex.

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