Energy stocks lead Indian shares higher after Monday’s drop
1 week, 1 day ago

Energy stocks lead Indian shares higher after Monday’s drop

Live Mint  

By Bharath Rajeswaran -India's shares rose on Tuesday, led by energy stocks, while analysts expected quarterly corporate results beginning later this week to influence the near-term trajectory of domestic equities. On Monday, both indexes lost about 1.6%, the worst single-day performance since Oct. 3, 2024, amid earnings worries after lacklustre updates from some companies, concerns over the spread of human metapneumovirus and sustained foreign outflows. CLSA upgraded the upstream oil company's stock to "high conviction outperform" from "outperform" and raised its target price to 360 rupees from 330 rupees, citing potential uptick in earnings and attractive valuations. Oil marketing company Bharat Petroleum Corporation rose 1.5% and city gas distributors GAIL and Indraprastha Gas gained 2.3% and 1%, respectively, after BPCL gave an in-principle nod to list Maharashtra Natural Gas, a joint venture of the three companies.

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