Sensex Trades Higher; Vedanta & Tata Steel Top Gainers

Share markets in India are presently trading on a positive note. Barring FMCG sector, all sectoral indices are trading on a positive note with stocks in the metal sectoroil & gas sector and capital goods sector witnessing maximum buying interest.

The BSE Sensex is trading up by 161 points (up 0.5%), while the NSE Nifty is trading up by 55 points (up 0.5%). The BSE Mid Cap index is trading up by 0.4% and the BSE Small Cap index is trading up by 0.5%.

The rupee is trading at Rs 71.20 against the US$.

On Monday, the local currency weakened by 11 paise to end 71.34 against the greenback after trade deficit for January widened compared to the previous month.

In the news from the oil & gas sector, shares of oil and gas exploration companies rose as much as 20% in early trade today as the government decided to offer bigger oil and gas areas that currently belong to Oil and Natural Gas Corporation (ONGC) and Oil India to the private sector on relaxed conditions.

As per an article in a leading financial daily, some 56 smaller contract areas of ONGC and OIL have been bid out to companies under the two rounds of discovered small fields over the last few years.

Here's an excerpt from the article:

  • "To enhance production from existing nomination fields of ONGC and OIL, enhanced production profile will be prepared by both PSUs. For production enhancement, bringing new technology, and capital, national oil companies will be allowed to induct private sector partners,"

Duke Offshore share price is trading up by 20% as the company won a contract from Daewoo - Tata projects Limited JV.

The company has been awarded a prestigious contract by Daewoo - Tata projects Limited JV to provide one initial high-speed vessel to support construction for the Mumbai Trans Harbor Link project.

Jindal drilling share priceHindustan Oil Exploration share price, and Deep Industries share price are trading up in the range of 4% to 10%.

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