The Nifty Energy index gained nearly 1% in an otherwise weak market. The index is trading higher by 144 points at 16,230 levels.
Shares of NTPC rose 2% on the Energy index and among the top contributors to the index's gain. The stock gained in today’s trade after a media report said that the foreign brokerage firm Morgan Stanley upgraded the rating of the company to overweight, with a target at Rs152 per share. The company's fixed costs under-recovery were reducing, while potential government stake sale remained an overhang, the brokerage house said.
Power Grid, ONGC, Tata Power, Reliance Industries, IOC HPCL and Adani Transmission were up in the Energy index.
On the other hand, BPCL and GAIL were trading in the negative zone.
Meanwhile, indices were trading lower on Friday tracking weak global cues. The Sensex traded 215 points lower at 40,356 and the Nifty was down 63 points at 11,905.
Gains seen in ITC, NTPC and Power Grid were offset with losses in Bharti Infratel, Infosys, Tech Mahindra, HCL Tech and TCS.
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