Energy stocks gain helps NIFTY and SENSEX regain bull momentum

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Energy stocks HPCL and BPCL sparked as the energy index closed the day with 6.95% gain.RBL bank and IndusInd bank closed with sharp cut in prices.
Crude Oil, HPCL, BPCL

Indian stock market started today’s session with a gap up opening.Initial 30 minutes saw profit booking and pushed both indexes down. But both indices recovered as the day progressed to close the day higher.Rally was led by energy and metal stocks, supported by pharmaceutical and FMCG stocks.All sectoral index closed the day in green today.RBL bank and IndusInd bank closed with sharp cut in prices.

Energy stocks shine today following Monday’s steep cut in broader market.Energy index closed the day 6.95 % . Stocks of petrochemical distributors HPCL and BPCL sparked with more than 12% spike in prices.Gail, Reliance, ONGC and IOC also rallied 5 – 8%. Falling crude prices due to weakening demand in the Corona pandemic and price war between major oil exporters are expected to boost these stocks.

Energy stocks shine today following Monday's steep cut in the broader market.HPCL and BPCL sparked  as the energy index closed the day with 6.95% gain.
Energy stocks, Source: NSE

The price of oil has sunk to record low levels not seen since 2002 .Brent crude fell to $22.58 (£18.19) a barrel at one point on Monday.

IndusInd bank was the top loser, closing 15 % down at350.80.Banks market cap now is less than 24,32,9.23 crores following today’s loss. Another private bank, RBL bank  suffered a 9 % price cut. Both banks are trading 80% below its 52 high ( IndusInd bank : 1,823.75and RBL Bank : 716.40). Bandhan bank was another top loser in today’s trade. Bank nifty closed the 1.9 %/ 361.6 points higher. Bank of Baroda, SBI bank and HDFC bank gain 3-6%.

Metal index also closed 5% higher. Sail led the rally with 12 % price rise.Hindalco, Hind copper, Tata steel , Hindustan Zinc and Vedanta gained 5-7%.

Tomorrow’s market is expected to witness resistance around 8640-8680 and likely to remain rangebound.

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