Sensex and Nifty Make Marginal Gains, BEL Bags Rs 2,673 Crore Orders, Oil Prices Rise 1%

22 Dec 2023 , 01:45 PM

On Friday, domestic benchmark indices Sensex and Nifty experienced marginal gains, influenced by positive global market cues. Notably, metal, pharma, and realty sectors led the upward trend, with broader markets displaying robust buying activity.

The Sensex rose by 294.00 points or 0.41 % to reach 71,159.10, while the Nifty saw a gain of 96 points or 0.45 %, closing at 21,351. The market movement featured 2066 advancing shares, 1086 declining shares, and 97 unchanged shares.

Top gainers for the day included Gail (7.92%), Chambal Fert (4.30%), Laurus Labs (3.94%), and Piramal Enter (3.98%). On the flip side, top losers comprised Polycab (-5.10%), REC (-2.28%), Hindpetro (-2.22%), and PVR Inox (-2.07%).

Oil prices witnessed a 1% rise on Friday due to ongoing tensions in the Middle East following Houthi attacks on ships in the Red Sea. However, concerns over the effectiveness of OPEC were raised after Angola’s decision to exit the group.

Brent crude futures increased by 70 cents (0.9%) to $80.09 a barrel, and U.S. West Texas Intermediate crude futures rose by 66 cents (0.9%) to $74.55 a barrel by 0700 GMT.

Bharat Electronics (BEL) secured orders amounting to Rs 2,673 crore from Goa Shipyard Limited (Rs 1701 crore) and Garden Reach Shipbuilders & Engineers (Rs 972 crore). The orders involve the supply of 14 types of sensors for Next Generation Offshore Patrol Vessels (NGOPV), with additional orders worth Rs 86.15 crore.

PSP Projects emerged as the Lowest (L1) Bidder for the ‘Civil, MEP & Finishing work for Development of Street” project for Gandhinagar Municipal Corporation in Gujarat. The project is valued at Rs 158.61 crores (excluding GST).

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