Indices extend gains; SENSEX up 700 pts, NIFTY50 tops 23,650; ONGC jumps 4%, NTPC rises 3%

At 9:54 AM, the S&P BSE SENSEX was trading at 78,062.04 levels, up 723.03 points, or 0.93%. The broader NIFTY50 index was trading at 23,666 levels, up 212.20 points, or 0.90%.

The top gainers on the NIFTY50 index were ONGC, NTPC, Trent, BPCL, and Tata Motors. The top five losers were SBI Life, Sun Pharma, Shriram Finance, HDFC Life, and Kotak Mahindra Bank. 

All the sectoral indices were trading in the green in the early trade, with oil & gas stocks leading the pack, followed by autos. 

The BSE OIL & GAS index was trading at 26,105.58 levels, up 333.44 points, or 1.29%. 

Buzzing Stocks

The JV has been formed to explore and set up renewable energy (RE) projects/assets in India and overseas through greenfield development and acquisitions.

Broader Market

The BSE MidCap index was trading at 44,815.34 levels, up 602 points, or 1.36%. The BSE SmallCap index was trading 1.54% higher at 52,822.02 points.

Global Markets

Asian stocks rose on Tuesday while US bond yields and the dollar hung back from multi-month highs as traders awaited President-elect Donald Trump's cabinet selection and sought to gauge the outlook for Federal Reserve easing.

Tech shares advanced, tracking Wall Street's recovery from last week's steep losses, although Nvidia's upcoming earnings on Wednesday limited the scope for big moves.

Japan's Nikkei added 0.2% at the time of filing this report, while South Korea's Kospi and Australia's equity benchmark each ticked up 0.1%.

In commodities, Brent crude futures added 7 cents to $73.37 a barrel, while U.S. West Texas Intermediate crude futures were at $69.26 a barrel, up 8 cents.

Crude was also buoyed by the shutdown of Norway's massive Johan Sverdrup oilfield due to a power outage.