Stock Market Updates: Sensex, Nifty Gain Amid Volatility; PSU Bank, Oil & Gas Top Gainers

The Indian stock market was trading on a positive note amid volatility on February 15, 2024. At 2:04 PM, Sensex was up 272 points at 72095 while Nifty added 91 points and was trading at 21931.

Around 1648 stocks advanced and 739 declined while 83 stocks remained unchanged.

Among the sectors, the PSU Bank and oil & gas indices jumped over 2 percent each followed by the auto index which added over 1 percent. Metals, IT and Realty were up 0.5 percent each. However, selling pressure was witnessed in the FMCG space.

Top Nifty50 Gainers

Top Nifty50 Losers

Stocks on the move

Oil India Limited: up 12.53%

The stock price of Oil India Limited jumped over 12 percent after the company declared its Q3 earnings. Oil India reported a marginal year-on-year increase in consolidated net profit to Rs 2,608 crore, while its revenue from operations reached Rs 10,912.61 crore, reflecting a 3 percent increase. The company’s crude oil earnings before interest and tax (EBIT) in Q3 were Rs 1,430.38 crore, marking a 7 percent decline YoY. EBIT from the natural gas segment amounted to Rs 726.69 crore, compared to Rs 1,091.21 crore the previous year.

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NMDC: up 5.58%, hits 52-week high

India’s largest iron ore producer reported a significant year-on-year growth of 62.6 percent in consolidated net profit, reaching Rs 1,469.73 crore in the December quarter. This growth was propelled by robust domestic demand for steel.

The company’s consolidated revenue also experienced a notable increase, rising by 45 percent to Rs 5,409.90 crore. NMDC’s average selling price aligned with international iron ore prices, which remained strong in the third quarter. The combination of robust domestic demand and sustained international prices led to multiple price hikes.

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