Energy stocks up for 5th session amid positive brokerage note; MGL, JSW Energy lead gains

Energy stocks up for 5th session amid positive brokerage note; MGL, JSW Energy lead gains.

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The energy stocks extended their winning run for the fifth consecutive session on Tuesday, supported by positive brokerage views on the sector.

The Nifty Energy index rose nearly 1 percent in today’s trade, taking its gains over the past five sessions to 3.3 percent.

Aegis Logistics led the pack with a 7.5 percent jump to Rs 815.6 apiece on the NSE. The surge came after global brokerage JPMorgan initiated coverage on India’s logistics space, naming Delhivery and Aegis Logistics as top picks.

Mahanagar Gas, Reliance Power, Gujarat State Petronet and GE Vernova T&D India also advanced, rising up to 4 percent in intraday trade.

Among other gainers were Tata Power, JSW Energy, Suzlon and Bharat Heavy Electricals, which climbed up to 2 percent.

Meanwhile, HSBC noted that government support for oil marketing companies (OMCs) and steady fuel demand were driving performance in the segment.

The brokerage maintained a positive stance, giving ‘buy’ ratings on Bharat Petroleum Corporation Ltd (target price Rs 420), Hindustan Petroleum Corporation Ltd (Rs 520) and Indian Oil Corporation Ltd (Rs 190).

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