Nifty Oil & Gas rallies as crude prices skyrockets; Adani Total Gas hits upper circuit; Gujarat Gas, GAIL surge 4-5%

The Oil & Gas index has touched an intraday high and low of 6,835.55 and 6,774.55 respectively.

Aug 24, 2021 11:08 IST India Infoline News Service

Crude Oil and Energy
Oil and gas stocks were in the fast lane on Tuesday as international crude prices skyrocketed on a weaker dollar and approval to Pfizer Inc/BioNTech SE Covid-19 vaccine. The Nifty Oil & Gas were among the top gainers on NSE that kept bears away from the bay on Nifty 50 due to broad-based buying.

On Nifty Oil & Gas, 14 scrips advanced while only 1 scrip declined.

At around 11.14 am, the Nifty Oil & Gas was trading at 6,811.95 up 89.85 points or 1.34%. The index has touched an intraday high and low of 6,835.55 and 6,774.55 respectively.

On the index, Adani Total Gas locked at 5% upper circuit and was the top gainer. Gujarat Gas and Gail followed by surging 4.7% and 3.7% respectively.

Mahanagar Gas and Indian Oil jumped more than 2% each. While Oil India advanced 1.8%, HPCL and Castrol India zoomed 1.5% each.

ONGC, Petronet LNG and BPCL were higher by around 1% each. Reliance Industries was marginally up.

Indraprastha Gas and Gulf Oil traded flat but in green.

However, GSPL was the only underperformer tumbling by 2.3%.

Overnight, the Brent crude oil futures and U.S. West Texas Intermediate(WTI) crude futures gained by more than 5% after the US approved Pfizer Inc/BioNTech SE Covid-19 vaccine that stirred hopes among investors about higher fuel demand. Also, the upside in crude prices was aided by the dollar that had its steepest one-day dive since May.

Both benchmark crude prices had their best day in over six months. 

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