Sensex, Nifty Rise; Oil & Gas Stocks Gain after Maersk Announce Plans to Resume Trade via Red Sea Route

The Indian stock market edged higher, trading at day’s high on December 26. At 12:15 PM, Sensex was up 320 points at 71427 mark while Nifty gained 115 points and was trading at 21460 mark.

Around 1510 stocks advanced and 930 declined while 117 stocks remained unchanged.

Almost all sectoral indices were trading in the green led by the oil & gas space. The index gained 1.5 percent after Maersk announced plans to resume trade via the Red Sea route.

According to a Reuters report, Denmark’s Maersk said it is preparing to resume shipping operations in the Red Sea and the Gulf of Aden, the company said on Sunday, citing the deployment of a US-led military operation designed to ensure the safety of commerce in the area.

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The shipping giant paused sending vessels through the Bab el-Mandeb strait earlier in December due to attacks against its ships. That rendered the Suez Canal, which is key to global commerce, unusable for most routes.

“As of Sunday 24 December 2023, we have received confirmation that the previously announced multi-national security initiative Operation Prosperity Guardian (OPG) has now been set up and deployed to allow maritime commerce to pass through the Red Sea / Gulf of Aden and once again return to using the Suez Canal as a gateway between Asia and Europe,” Masersk said in a statement on Sunday.

The top gainers from the oil & gas space included Castrol India, Hindustan Petroleum Corporation and Oil India Limited which jumped 3-4 percent each followed by Indian Oil Corporation and GAIL India.

Top Nifty50 Gainers:

Top Nifty50 Losers:

Stocks in the news:

Infosys:

The stock price was trading in the red, down over 1 percent after the company decided to terminate MoU with a global company. The global company elected to terminate the Memorandum of Understanding (MoU) with Infosys, and the parties will not be pursuing the Master Agreement, according to an exchange filing.

Motisons Jewellers:

Shares of Motisons Jewellers made a blockbuster debut on December 26, listing at 98 percent premium over issue price. The stock started trading at Rs 109 against IPO price of Rs 55.

However, the stock slipped into the red amid profit booking. At 12:38 PM, the stock was trading at Rs 103.55, down Rs 5.45 or 5 percent on NSE.

Suraj Estate Developers:

Realty firm Suraj Estate Developers Ltd shares opened 4.5 percent lower on debut on December 26 after its initial public offering subscribed nearly 16 times last week. At 12:30 PM, the stock however managed to gain, adding over 2 percent. It was trading at Rs 349.50 per share on NSE, up Rs 9.50 or 2.79 percent.

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