Nifty Oil & Gas rallies over 1% on broad-based buying; BPCL, Adani Total Gas, Gujarat Gas top bulls; RIL add to gains

The Nifty Oil & Gas index has touched an intraday high and low of 7,562.50 and 7,459.50 respectively.

December 02, 2021 1:17 IST | India Infoline News Service
Crude Oil and Energy
Nifty Oil & Gas index was in the fast lane on Thursday led by broad-based buying across stocks with heavyweights lifting the performance majorly. The performance comes amid investors hitting 'sell' action on crude oil globally as they observe the development of the Omicron variant of coronavirus. Also, the sector is in focus ahead of the OPEC+ meeting today which comes crucial during the spread of this new Covid variant.

At around 1 pm, Nifty Oil & Gas was trading at 7,553 higher by 93.25 points or 1.25%. The index has touched an intraday high and low of 7,562.50 and 7,459.50 respectively.

On the index, 12 scrips advanced while 3 scrips declined.

BPCL, Adani Total Gas and Gujarat Gas were the top three bulls rising by 2.4% each. IGL and Indian Oil climbed over 2% each. Oil India soared 1.3%.

Index heavyweight RIL also rallied by nearly 1%, while HPCL, MGL, Petronet LNG and ONGC were marginally up.

GSPL traded flat but in green.

Castrol India was the top bear down by 1.5%, while MRPL and GSPL followed with a marginal downside.

Oil prices have sunk to over 4-month lows as worries over the decline in oil demand as global supply build amid the new Omicron variant spread, led to bearish sentiments among investors.

However, with oil prices seeing a huge fall expect the inflation effect to moderate in Asian importers as demand cools off.

The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, is expected to decide on gradually restoring monthly output by 400k barrels per day, in this latest meeting scheduled today.

A Reuters report said that some had speculated that OPEC+ could pause those additions in an attempt to slow supply growth, now expected to yield a surplus of 3.8 million BPD by March 2022.

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