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Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy inaugurated and initiated the construction of several power projects worth Rs 6,600 crore. Virtually inaugurating two solar power projects valued at Rs 3,400 crore in Kadapa and Anantapur, Reddy also laid the foundation for 16 power substations costing Rs 2,479 crore and inaugurated 12 substations worth Rs 620 crore.
The breakout zone, coinciding with a bullish gap at 19,580-19,500, is viewed as robust support, and prices also defended the 19,700 level during the week, serving as immediate support.
This week, investors will await the results of exit polls from five state elections. The market may also be in for increased volatility in the run up to monthly F&O expiry.
OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on November 30 to discuss production targets for 2024.
India Business News: State-owned oil and gas giants IndianOil, ONGC, BPCL, HPCL, Oil India Ltd, and Engineers India Ltd have been fined for the second quarter in a row for
Brent, the world's best known benchmark for the raw material that is converted into fuels like petrol and diesel in refineries, is trading at USD 80 per barrel. As per the pricing in the term contracts, ONGC would get USD 80 plus USD 0.8 for the oil it will sell to HPCL and BPCL.
In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it.
India Business News: ONGC signs term contracts to sell crude oil from Mumbai offshore fields at a premium to Brent crude oil price; Bharat Petroleum Corporation Ltd (BPCL)
The current data points suggest that media, oil & gas and chemical stocks may outperform the frontline indices while IT, pharma and power stocks may witness selling pressure.