Oil prices climbed today after industry data showed a larger than expected drawdown in crude oil stocks in the United States, and on expectations that demand will recover as vaccine roll-outs widen.
But a fall in China's crude oil throughput in August with daily refinery runs hitting the lowest since last May, and overall factory output faltering, capped oil price gains.
At around 12.58 pm, Nifty Oil & Gas was trading at 7,471.30 up 70.15 points or 0.95%, touching a high of 7,501.05 and low of 7,415.30 during intraday trade on Wednesday.
Nifty50 and Sensex -- hit fresh record high levels in intra-day deals. While the Nifty50 hit new high of 17,489, the 30-pack Sensex was at 58,623 levels. BSE Sensex was trading at 58,595.31 up 348.22 points or 0.60% and Nifty 50 at 17,480.65 up 100.65 points or 0.58%.
ONGC reportedly is looking to buy out Infrastructure Leasing & Financial Services' (IL&FS') stake in Mangalore Special Economic Zone (MSEZ) after protracted negotiations. The company stock was trading at Rs129.15 per piece up 4.2% after hitting a fresh 52-week high of Rs130.70 per piece on the NSE.
OIL also hit record high of Rs208.95 per piece on Wednesday and latest was tarding at Rs204.90 per piece, up 3.3%.
Adani Total Gas Limited was also 1.9% higher. Hindustan Petroleum and IOC also advanced over 1%. GAIL was also nearly 1% higher.
Petronet, Gulf Oil and Reliance also traded higher.
BPCL dragged the most at Rs489.80 per piece, down 0.67%. The Index had 12 advances and 3 declines out of total 15 stocks listed on the NSE.