Indian Shares Extend Gains As Second LPG Carrier Arrives At Gujarat

RTTNews | 179 days ago

(RTTNews) - Indian shares rose notably on Tuesday, adding to sharp gains in the previous session after LPG-laden vessel Nanda Devi arrived in Gujarat escorted by the Indian Navy.

The government said that India's crude supply is secure despite the West Asia crisis and disruption through the Strait of Hormuz.

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri told the Lok Sabha that refineries are operating at high-capacity utilization, with several exceeding 100 percent, and that there is no shortage of petrol, diesel, kerosene, aviation turbine fuel or fuel oil in the country.

He also said the government's utmost priority is that kitchens of India's 330 million (mn) families do not face fuel shortage.

Despite continued foreign portfolio investor (FPI) selling and a rebound in crude oil prices, domestic markets showed resilience.

The benchmark BSE Sensex ended up 567.99 points, or 0.75 percent, at 76,070.84 after climbing 1.3 percent in the previous session, driven by a late-session rally.

The broader NSE Nifty index jumped 172.35 points, or 0.74 percent, to 23,581.15, after having gained 1.1 percent on Monday.

The BSE mid-cap and small-cap indexes rose by 1.1 percent and 0.4 percent, respectively.

The market breadth was strong on the BSE, with 2,365 shares rising while 1,892 shares fell and 154 shares closed unchanged.

Among the top gainers, Eternal surged 5.7 percent, Tata Steel rallied 4.4 percent and Mahindra & Mahindra advanced 2.9 percent.

Asian Paints, Trent, Kotak Mahindra Bank, Axis Bank, ICICI Bank, IndiGo, Maruti Suzuki India, Bharti Airtel, Larsen & Toubro and BEL gained 1-2 percent.

Among those that fell, ITC, Bajaj Finance and Infosys all ended down over 1 percent.

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