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Nifty opens above 10,900 mark; Reliance Industries, ONGC stocks gain

Domestic benchmark indices opened higher and hit their lifetime highs, led by gains in shares of Oil and Natural Gas Corp and Reliance Industries. The broader markets were trading with a positive bias as the BSE MidCap Index and BSE SmallCap Index gained over 0.2%.

At 10:26 AM, the BSE Sensex was trading at 35,561, up 50 points, while the broader Nifty50 index was ruling at 10,904, up 9 points.

Shares of ONGC rose over 5% today as Hindustan Petroleum Corp’s  (HPCL) buyout valuation is seen favorable for the company. However, shares of HPCL fell over 2% as the price at which ONGC said it will buy the stake in the company was much below market expectations.

Shares of Reliance Industries rose over 2% today as the company’s consolidated net profit for Oct-Dec rose 25.1%, beating analysts’ estimate.

Shares of Wipro fell over 1% today as the company posted an 11.9% decline in its Oct-Dec consolidated net profit to Rs1800cr.

Volatility index India VIX inched up 4.77% at 14.6500.

Indiabulls HF (+5.7%), ONGC (+5.3%), Adani Ports (+4.9%0, Yes Bank (+2.4%) and RIL (+2.3%) were the top gainers on Nifty50.

Ambuja (-3%), UltraTech (-2.1%), HPCL (-1.3%), Infosys (-1.3%) and Aurobindo (-0.87%) were the top losers in today’s trade.

Out of 1,656 stocks traded on the NSE, 838 advanced, 620 declined and 198 remained unchanged today.

A total of 12 stocks registered a fresh 52-week high in trade today, while six stocks touched a new 52-week low on the NSE.