Nifty Oil & Gas sheds ~2%; ONGC, Adani Total Gas, HPCL underperform

Gujarat State Petronet surged 3% higher amid the gloom while Castrol India was the only other stock in the sector to trade in the green.

Oct 28, 2021 12:10 IST India Infoline News Service

Bear Versus Bull Silhouette
Nifty Oil & Gas index shed around 2% tracking the bearish markets on Thursday. Gujarat State Petronet surged 3% higher amid the gloom while Castrol India was the only other stock in the sector to trade in the green. Remaining all the stocks listed on the index were trading lower. ONGC, Adani Total Gas, and Hindustan Petroleum dragged the most.

Oil prices continued to fall after industry data showed that crude oil stockpiles increased more than expected and fuel inventories soared unexpectedly last week in the United States, one of the world's largest oil consumer.

Brent oil futures were down 1.17%, to $83.59 a barrel at 12:45 PM after closing at the highest level in seven years on October 26.

Oil & Gas stocks are also under focus amid quarterly earnings of the companies in the sector. 

Notably, domestic equity market benchmarks BSE Sensex and Nifty 50 were trading in the negative territory on the day (October 28) of the monthly F&O expiry.

At around 12.55 pm, BSE Sensex was trading at 60,552.78 down 590.55 points or 0.97% and Nifty50 at 18,025.10 down 185.85 points or 1.02%.

Nifty Oil & Gas was trading at 7,782.65 down 144.05 points or 1.82%, after touching a high of 7,927.45 and low of 7,773.45 during intraday trade.

Gujarat State Petronet rose 3% at Rs315.30 per piece to outperform. Castrol India was marginally higher at Rs141.05 per piece. 

ONGC dragged the most by shedding 4.65% at Rs150.55 per piece. Adani Total Gas was also 3.75% lower at Rs1,420.00 per piece. Hindustan Petroleum also dropped 3.5% at Rs322.45 per piece. MRPL and IOC were also over 2% lower. Relaince and GAIL were also nearly 1% lower. 

Related Story

Open Free Demat Account (Rs699)
Open ZERO Brokerage Demat Account

  • 0

    Delivery Brokerage for Lifetime

  • 20

    Per order for Intraday, F&O, Currency & Commodity