Nifty Oil -; Gas sheds over 1.5%; BPCL and Indraprastha Gas hit 52-week lows

22 Feb 2022 , 12:55 PM

Nifty Oil & Gas stocks were under pressure amid weak markets and escalating oil prices. ONGC and Oil India were trading higher while the rest of the stocks in the sector were bearish on Tuesday.

BPCL and Indraprastha Gas hit 52-week lows while Adani Total Gas was also under heavy pressure.

Oil prices jumped as the crisis between Russia and Ukraine escalated. Indian stocks fell on Tuesday, tracking global cues, as Europe’s eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of Ukraine. Sensex down, Nifty below 17K; banks, metals among the worst hit

At around 12.55 PM, BSE Sensex was trading at 56,836.82 down 846.77 points or 1.47% and Nifty50 at 16,949.80 down 256.85 points or 1.49%. Nifty Oil & Gas stocks were trading at 7,294.05 down 117.00 points or 1.58%, touching a high of 7,342.30 and low of 7,249.95 during intraday trade on Tuesday.

ONGC was 0.3% lower at Rs163.85 per piece while Oil India also advanced 0.15% amid gloom in the overall markets on Tuesday.

BPCL hit 52-week low of Rs355.80 per share on likely delay in divestment, soaring oil prices. Indraprastha Gas also hit 52-week low at Rs354 per piece on Tuesday. Adani Total Gas was also 2.6% down. 

Vedanta Ltd on February 21 announced it has made an oil discovery in its exploratory well in Rajasthan’s Barmer district.