Majority of Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1.05% while the Hang Seng is down 0.08%. The Nikkei 225 is trading down by 0.08%. The Wall Street climbed on Friday as a surge in the tech sector and a rally in Amazon shares helped push the Nasdaq to its best day in nearly a year.
Back home, share markets in India have opened the day on a positive note. The BSE Sensex is trading higher by 118 points while the NSE Nifty is trading higher by 41 points. The BSE Mid Cap and BSE Small Cap index opened the day up by 0.8% & 0.7% respectively.
All sectoral indices have opened the day in green with automobiles sector and energy sector leading the pack of gainers. The rupee is trading at 65.09 to the US$.
Oil & gas stocks have opened the day on a mixed note with ONGC and Hindustan Oil Exploration being the most active stocks in this space. Oil and Natural Gas Corp (ONGC) on Saturday reported a 3.1% rise in its second quarter net profit as impressive gain from rising oil prices were taken away by fall in government mandated natural gas rates.
Net profit of Rs 51.3 billion in July-September was 3.1% higher than Rs 49.8 billion in the same period last year.
ONGC’s September quarter earnings were in line with analysts’ estimates. Its Ebitda of Rs 104.7 billion was close to estimates. That translates into an 8.5% year-on-year growth in ONGC’s Ebitda for the September quarter, helped by a decline in other expenses and comes on the back of a 3% growth in revenue to Rs 189.7 billion.
Further, ONGC got US$51.2 for every barrel of crude oil it produced in the quarter, up 6.9% over US$47.9 per barrel realisation in September quarter of the last fiscal. For the fields operated jointly with private firms, the realisation was up 8.5% to US$45.9 per barrel.
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