Nifty Oil & Gas rises 1% despite drop in July production; Adani Total Gas hits upper circuit; RIL, HPCL, OIL, ONGC add to gains

The index has touched an intraday high and low of 6,936.60 and 6,871.35 respectively.

Aug 25, 2021 02:08 IST India Infoline News Service

Bull Market
Oil stocks were among the top bulls on Wednesday despite a decline in the country's crude oil production for July 2021. Nifty Oil & Gas index has gained more than 1% today and continues to perform on those levels. The index has also shrugged off fall in international crude oil prices.

At around 2.52 pm, Nifty Oil & Gas was trading at 6,910.20 up 75.15 points or 1.10%. The index has touched an intraday high and low of 6,936.60 and 6,871.35 respectively.

On the index, Adani Total Gas has locked to a 5% upper circuit. While state-owned HPCL surged 2.9%, Oil India and ONGC zoomed more than 2% each.

Gulf Oil jumped 1.9%, while Castrol India advanced 1.5%. Index heavyweight RIL also climbed over 1%.

BPCL and Mahanagar Gas were marginally up.

On the contrary, GSPL was the top underperformer plunging by 2% followed by Gujarat Gas lower by 1.8%.

Stocks like GAIL, Indian Oil, Indraprastha Gas and Petronet LNG traded on a flat note but in red.

International oil prices edged lower on Wednesday after stellar gains from earlier this week. The crude is in focus after Mexico announced to resume output at fire hit platform by August 30, 2021.

On Tuesday, the Ministry of Petroleum & Natural Gas announced that India's crude oil production during July 2021 was 2548.78 TMT, which is 3.78% lower than the target for the month and 3.22% lower when compared with the production of July 2020.

Cumulatively crude oil production during April-July, 2021 was 9961.65 TMT, which is 2.64% and 3.37% lower than the target for the period and production during the corresponding period of last year respectively. 

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