Nifty Oil & Gas logs new lifetime after OPEC+ agrees to stick with production plan; ONGC, Indian Oil, HPCL hit new 52-week highs

Indian Oil and gas stocks emerged as top bulls of the day despite the broader markets tone being volatile. The Nifty Oil & Gas index is racing towards the 8,000-mark.

Oct 05, 2021 12:10 IST India Infoline News Service

Crude Oil
Oil and gas stocks were in a sharp rally on Tuesday after the Opec and allied countries stayed firm on their usual plan for a gradual uptick in oil output. After the latest meeting of OPEC+ that holds one of the largest oil producers in the world, crude oil prices spiked to a three-year high. Indian Oil and gas stocks emerged as top bulls of the day despite the broader markets tone being volatile.

At around 12.46 PM, the Nifty Oil & Gas was trading at 7,969.70 higher by 150.40 points or 1.92%. The index has touched a new historic high of 7,995.55.

Notably, the index is racing towards the 8,000-mark.

Major state-owned oil marketing companies had hit a new 52-week high with ONGC taking the lead. ONGC has touched a new high of Rs160.70 per piece, while Indian Oil and HPCL has clocked a new all-time high of Rs130.50 per piece and Rs313 per piece respectively.

On the index, ONGC was the top gainer soaring by nearly 9% followed by MRPL surging 5.7%. Indian Oil gained 3.3% followed by Gujarat Gas and HPCL zooming 2.97% and 2.7% respectively.

Oil India advanced 2.1%, while GAIL and BPCL climbing 1.7% and 1.5% respectively. Adani Total Gas jumped 1.3%.

Indraprastha Gas zoomed 0.8%, while GSPL advanced 0.5%. MGL and Reliance Industries traded marginally up.

On the contrary, Petronet LNG was the top bear plunging 1.6% followed by Castrol India trading flat.

On Monday, the OPEC+ has agreed on their usual production adjustment plan where 400,000 barrels per day would be added in November this year. As per reports, OPEC and allies have received calls for extra supplies from big consumers like the US and India.

The announcement pushed Brent crude futures to a 3-year high and even near $81.5 per barrel. Further, the US crude futures topped over $78 per barrel that was the highest since 2014. 

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