Shares of Oil India rose 3.8% to hit a 52-week high of 671.10 after the company’s net profit surged in the January to March period of 2024. The company’s consolidated net profit came in at Rs 2,332.94 crore in Q4 of FY24 against Rs 1,979.74 crore reported in Q4 of FY23.

However, Oil India’s net profit declined sequentially by 11% from Rs 2,607.66 crore reported in Q3 of FY24. Its revenue from operations stood at Rs 10,165.78 crore during the quarter, an increase of 16% on year from Rs 8,764.27 crore in Q4 of FY23. 

Its total income came in at Rs 10,375.09 crore marking a rise of 16% from Rs 8,936.82 crore in Q4FY23. 

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Oil prices fell in early Asian trade on Friday, extended losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations.

Brent crude futures for February fell 14 cents, or 0.2%, to $80.72 a barrel by 0005 GMT. U.S. West Texas Intermediate crude futures fell 12 cents, or 0.2%, to $75.84.

Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world’s oil, agreed to voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024.

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The benchmark equity indices are trading in negative territory on Wednesday. The NSE Nifty 50 is trading at 19,741.55 down 021%, while the BSE Sensex is trading at 65,780.75 down 150.52 points. Smallcap stocks are leading the losses among the broader indices. PSU Bank, Realty, Metal and Media stocks are facing a downward trend among the other sectoral indices while Pharma, Healthcare, Auto and IT trade in green. 

Top Gainers/Losers

BPCL, Cipla, Power Grid Corporation, Apollo Hospitals and Hero MotoCorp are the top gainers on the NSE Nifty 50, while the laggards include IndusInd Bank, Adani Enterprises, Mahindra & Mahindra, Kotak Mahindra Bank and Adani Ports.  

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By Gaurav Arora

The July series Nifty futures is currently trading with a premium of around 60 points. The index has been gradually inching higher since the start of rollovers from June to July. 

Meaningful OI addition was also seen on expiry to expiry basis. To put it in numbers, the Open Interest stands at 6.4 lakh contracts as compared to 5.7 odd at the beginning of the previous series. Bank Nifty outperformed but going forward, it may just be at par w.r.t the benchmark. 

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