Indices trade sharply lower; oil & gas shares decline for 2nd day

The key equity barometers traded with significant losses in the early afternoon trade as elevated crude oil prices continue to weigh on the macroeconomic outlook. Further, rise in global yields dampened investor sentiment. The Nifty traded below the 23,700 level.

Oil & gas shares tumbled for the second consecutive trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex declined 461.43 points or 0.61% to 75,671.38. The Nifty 50 index declined 119.25 points or 0.50% to 23,659.90.

The broader market outperformed thefrontline indices. The BSE 150 MidCap Index rose 0.16% and the BSE 250 SmallCap Index added 0.10%.

The market breadth was negative. On the BSE, 1,962 shares rose and 2,172 shares fell. A total of 269 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.40% to 11.21. The Nifty 29 September 2026 futures were trading at 23,750, at a premium of 90.1 points as compared with the spot at 23,659.90.

The Nifty option chain for the 29 September 2026 expiry showed a maximum call OI of 71.4 lakh contracts at the 24,000 strike price. A maximum put OI of 72.2 lakh contracts was seen at the 24,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index fell 1.05% to 11,002.65. The index declined 1.65% in the two consecutive trading sessions.

Bharat Petroleum Corporation (down 1.82%), Hindustan Petroleum Corporation (down 1.6%), Petronet LNG (down 1.43%), Reliance Industries (down 1.38%), Aegis Logistics (down 1.3%), Indraprastha Gas (down 1.09%), GAIL (India) (down 0.6%), Indian Oil Corporation (down 0.44%) and Oil & Natural Gas Corpn (down 0.36%) declined.

Stock in Spotlight:

GE Vernova T&D soared 8.72% after the firm received a contract from Power Grid Corporation of India to establish an High Voltage Direct Current (HVDC) LCC terminal station for evacuating renewable energy. The contract involves the design and establishment of a 6,000 MW, ?800 kV High Voltage Direct Current (HVDC) Line Commutated Converter (LCC) terminal station, comprising two 3,000 MW terminals.

Organic Recycling Systems jumped 5.26% after the company announced that it has secured two landmark EPCOM contracts from Bharat Petroleum Corporation (BPCL), aggregating Rs 167.30 crore. The contract is for the development and operation of organic municipal solid waste-based compressed biogas (CBG) plants in Mysuru, Karnataka and Raipur, Chhattisgarh.

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