Sensex Zooms 355 Points on Muhurat Trading Session | Nifty Ends Above 19,500 | PSU Stocks Top Gainers

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Indian share markets started Samvat 2080 on a strong note as benchmark indices gained half a percent during the special Muhurat Trading session on Sunday.

At the closing bell, the BSE Sensex ended the special one-hour session 355 points higher, while the NSE Nifty ended at 19,525, up by 100 points.

As many as 4 Nifty stocks scaled fresh 52-week highs including Coal India, Sun Pharma, Power Grid Corporation of India, and ONGC.

All sectoral indices ended in green with PSU stocks leading the charge. The BSE PSU and the CPSE index gained about 1% each.

The BSE Smallcap index gained 1.1% to settle at 38,816.

Shares of BSE surged as much as 8% and scaled a lifetime high as the exchange reported robust quarterly earnings. Its net profit surged multifold on the back of a healthy topline and operational performance.

Meanwhile, Coal India shares also shot up on the back of robust earnings.

Speaking of stock markets, our editors have been busy on YouTube.

Check out the recent video where Rahul Shah talks about the three midcaps stocks set to take a giant leap.

In news from the energy sector, shares of ONGC hit a fresh life-time high in the special one-hour Muhurat Trading session.

This came on the back of a solid 142% jump in Q2 net profit.

ONGC's consolidated net profit soared to Rs 165.5 bn in the second quarter of FY24, up from Rs 173.8 bn reported in the same quarter of the previous year.

Note that the September 2023 quarterly results of ONGC were keenly awaited given higher global crude prices emanating from the Russia-Ukraine war and the Middle East conflict.

ONGC's oil realisations were US$ 84.8 per barrel in the September 2023 quarter, a fall of 11% on a YoY basis. The company's total crude oil output was broadly flat on a YoY basis at 5.25 million (m) tonnes in the second quarter of current financial year.

Its total gas output was also broadly flat in the September 2023 quarter on a YoY basis however, realisations were higher by 6.6%.

Nevertheless, ONGC's standalone revenue from operations declined 8% to Rs 351.6 billion (bn) in the quarter under review.

However, a reduction in statutory levies helped its operating profit margin improve 670 basis points to 48.7% in the quarter under review.

Earlier, oil marketing companies (OMC) like HPCL, BPCL, and IOC reported a vastly improved performance in the second quarter of current financial year, all thanks to high marketing margins from the retail sale of petrol and diesel along with inventory gains related to global oil prices.

At the current price, ONGC barely trades at a TTM PE multiple of 6.5x.

The stock also offers a good dividend yield.

Along with Q2 results, the company's board also approved an interim dividend of Rs 5.75 per share. The record date for distribution of dividend has been fixed for 21 November 2023.

In 2023 so far, ONGC share price has gained over 30%.

To know more about ONGC, checkout its factsheet and latest quarterly results.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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