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.