The shares of BPCL gains 3.87% t Rs 492.75 in the intra-day trade on monday as the company reported reported revenue from operations at Rs 1,29,984.84 crore, down 2.5 per cent on-year in comparison to Rs 1,33,347.51 crore during the corresponding quarter of previous year.

Also Read BPCL Q3 Results: Profit soars 82.1% at Rs 3,181.42 crore despite revenue drop of 2.5% on-year

WTI crude oil Mar: CMP $78.15

Crude oil prices oil registered best weekly gains above 7% for the week ending 26th Jan, since October 2023 as separate attacks in the Middle East that killed US troops in Jordan and hit a fuel tanker in the Red Sea have raised the renewed risk of retaliation from US forces. Demand may still not be a supporting factor in oil prices for now, but with oil tankers linked to the U.S. and UK now under threat of attack, the market is likely to reprice the risk of disruptions. OPEC+ will likely decide its oil production levels for April and beyond in the coming weeks.

Outlook: Unless we see any ceasefire to the ongoing conflict between US forces and Houthi militants, we will continue to see crude oil commanding risk premiums and the market will remain a buy-on dip for crude oil counter. WTI front month contract would face resistance of $82 while the counter is expected to trade in a broader range of $75-$82 during the week.

USDINR CMP- 83.1450 (spot) “The Indian Rupee declined on Monday on a positive tone in the US Dollar and concerns over rising crude oil prices. Demand for Dollars from importers towards the end of the month also put downside pressure on Rupee. However, a sharp surge in domestic markets cushioned the downside. Domestic markets have risen around 1.8% today. We expect Rupee to trade with a slight negative bias on month-end Dollar demand from importers and concerns over geopolitical tensions in the Middle East and the Red Sea. However, a rise in global risk sentiments may support Rupee at lower levels. Traders may remain cautious ahead of a US FOMC meeting and India’s Fiscal Budget (Interim) later this week. USDINR spot price is expected to trade in a range of Rs 82.90 to Rs 83.50,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

“The latest breakout in the oil and gas index has propelled the sector into positive territory. The recent consolidation in the Nifty Oil and Gas index concluded with an upside breakout, indicating an increased optimism in the space that may persist in the coming days. Therefore, the sudden surge in energy stocks might continue to bolster the headline index in the short term,” said Rupak De, Senior Technical Analyst, LKP Securities

Shares of Bajaj Auto rose 0.5% to hit a new 52-week high of Rs 7,640, but soon came off highs.

Shares of Avantel are trading down by 2.21% in the intra-day trade on Monday. The Company secured a purchase order worth Rs 8.95 crore from Hindustan Shipyard.

Shares of Reliance Industries extended gains and rose 5.3% to Rs 2,850. The stock was among the top gainers in the Nifty 50.

In a recent report, Jefferies analysts provided insights into Tata Steel’s third-quarter performance, indicating a notable 47% quarter-on-quarter (QoQ) surge in EBITDA, albeit slightly trailing Jefferies’ expectations by 3%. Jefferies retains a “Buy” rating for Tata Steel with a target share price of Rs 160.

Standalone EBITDA per tonne exhibited a robust 21% QoQ increase, reaching Rs 17,000. However, the report highlighted that Tata Steel Europe (TSE) reported another EBITDA loss, adding a nuanced perspective to the overall performance.

Also Read: Brokerage houses bullish on Tata Steel as Indian margins remain strong

The NSE Nifty 50 gained 309.70 points or 1.44% at 21,663.30. The BSE Sensex inched 992.24 points or 1.40% higher at 71,705.46.

Shares of Adani Enterprises rose 6% to Rs 3066.65. The stock was among the top gainers in the Nifty 50.

Shares of ONGC rose 8% to hit a new 52-week high of Rs 252.65. The stock was the top gainer in the Nifty 50.

The share of Reliance Industries gained 3.90% to Rs 2,811.80, marking its new 54-week high, with the market cap gaining more than 19 lakh crore for the first time.

The BSE Sensex jumped 861.58 pts or 1.22% to 71,562.25. The NSE Nifty surged 277.35 pts or 1.3% to 21,629.95 in the intra-day trade on Monday.

“Crude oil prices surged to settle at 8-week highs amidst escalating tensions in the Middle East. The Gulf of Aden witnessed a Houthi anti-ship missile damaging an oil tanker, further intensifying regional tensions. Brent prices soared past $83 a barrel in response to these developments. Crude oil prices received a boost from the International Energy Agency’s revised global demand outlook for 2024 and 2025. Also, U.S. production dipped to five-month lows last week due to harsh weather conditions in North Dakota, further supporting oil prices. Anticipating continued volatility, we expect crude oil prices to fluctuate during today’s trading session. Support levels for crude oil stand at $77.50–76.90, with resistance levels projected at $78.95-79.60. In terms of INR, crude oil is expected to find support at Rs6,315-6,260 and resistance at Rs 6,460-6,510,” Rahul Kalantri, VP Commodities, Mehta Equities Ltd

The shares of Inox winds gains more than 4% in the intra-day trade to Rs 494 on the following news that Inox Wind Limited (IWL) announced that its 3 MW Wind Turbine Generator (WTG), with booster capacity up to 3.3 MW, has been enlisted in the Revised List of Models and Manufacturers (RLMM), published by the Ministry of New and Renewable Energy (MNRE), Government of India.

Nifty weekly contract has highest open interest at 21300 for Calls and 21250 for Puts while monthly contracts have highest open interest at 21300 for Calls and 21250 for Puts. Highest new OI addition was seen at 21300 for Calls and 21250 for Puts in weekly and at 21300 for Calls and 21250 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 67.37%, increased future index shorts by 8.61% and in index options by 56.92% decrease in Call longs, 51.06% decrease in Call short, 57.38% decrease in Put longs and 58.79% decrease in Put shorts,” said Anand James, Chief Market Strategist, Geojit Financial Services.

“Bank Nifty has witnessed a sharp pullback from intraday lows though closed marginally in the red. On the hourly charts we can observe that there is a positive divergence and a positive crossover which indicates loss of momentum on the downside and indicates that there can be a relief rally going ahead till 45500- 45700. On the downside 44600 – 44500 is the crucial support zone,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

Commenting on the Technical outlook of Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened on a flat note and witnessed volatile price action. It closed down ~90 points. On the daily charts we can observe that the counter trend rally faced resistance at the zone of 21520 – 21550. On the downside 21240 – 21220 zone acted as a support zone where the 40-day moving average is placed. Thus, the Nifty is consolidating within these two parameters. A breach of this range shall lead to a move in that direction. The hourly momentum indicator has a positive crossover which is a buy signal and hence there can be a minor degree bounce up to 21520 – 21550 before it resumes next leg of the fall.

The NSE Nifty 50 opens 80.50 points or 0.38% higher to settle at 21,433.10, while the BSE Sensex jumps 267.43 points or 0.38% to 70,968.10 in the opening trade.

Shares in the Asia-Pacific region were majorly in positive territory. The Asia Dow is trading down by 0.14%, whereas Japan’s Nikkei 225 is trading in the green, up by 0.99% and Hong Kong’s Hang Seng index is trading higher by 1.56%. The benchmark Chinese index Shanghai Composite is trading higher by 0.21% during the early trade hours.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded higher by 0.11% at 103.55.

The three major US benchmark indices closed in the red. The S&P 500 closed 0.09% lower at 4,889.67. The tech-heavy Nasdaq Composite lost 0.41% at 15,446.48. The 30-stock Dow Industrial Average gained 60.30 points, or 0.16%, to 38,109.43.