Nifty Oil & Gas stocks drive bull markets; Heavyweight Reliance hits new high

Hindustan Petroleum, ONGC, IOC, and GAIL also were in the fast lane.

Sep 03, 2021 01:09 IST India Infoline News Service

Bull run Faster
The Nifty Oil & Gas stocks were bullish to drive markets on Friday. Heavyweight Reliance Industries (RIL) hit new high of Rs2,374.90 per piece  to lift the performance of the sector. Hindustan Petroleum, ONGC and IOC also were in the fast lane. Whereas, Adani Total Gas Limited was under pressure.

Indian equity benchmark indices traded at record high levels on Friday morning with the Sensex rising above 58,115 and Nifty more than 17,310 for the first time. However, indices turn flat in the late mornong trade amid volatile session only to recover in the afternoon.

At around 1.05 PM, BSE Sensex was trading at 57,981.22 up 128.68 points or 0.22% and Nifty50 at 17,276.95 up 42.80 points or 0.25%.

The Nifty Oil & Gas was trading at 7,347.50 up 122.35 points or 1.69%, after touching a high of 7,357.75 and low of 7,245.55.

RIL share price rose 3.2% at Rs2,368.00 per piece after hitting fresh 52-week high in early trade on September 3 after the company's subsidiary Reliance Retail Ventures (RRVL) acquired controlling stake in Just Dial.

ONGC was 2.75% high at Rs121.90 per piece. Hindustan Petroleum also rode 2.6% at Rs273.65 per piece. IOC was nearly 2.5% higher at Rs112.85 per piece. GAIL also lifted performance to surge 2%. Castrol India was also 1% higher. 

BPCL, Petronet, OIL were also trading higher. Adani Tota Gas shed nearly 2.7% at Rs1,439.95 per piece. Gujarat Gas was also marginally lower. 

Meanwhile, oil prices dipped on Friday after posting strong overnight gains on a weaker dollar and a bigger-than-expected fall in US crude stocks and were headed for small gains on the week ahead of a highly anticipated US monthly jobs report.

Petroleum companies recently increased price of a subsidised liquefied petroleum gas (LPG) cylinder by Rs25 per cylinder with effect from today, news agency ANI reported. Price of a subsidised 14.2 kg LPG cylinder will now cost Rs884.50 per cylinder in Delhi.

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