Nifty Oil -; Gas stocks in fast lane; BPCL, IOC, HPCL upbeat ahead of results; Reliance surges 3%

31 Jan 2022 , 01:10 PM

Nifty Oil & Gas surged 2.3% to go with bullish markets. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) stocks were in an upbeat mood ahead of quarterly earnings. Reliance, Adani Total Gas, ONGC, and Oil India were also in the fast lane.

Globally Oil rose more than 1% on Monday to near 7-year highs hit in the previous session, while supply concerns and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.

Sensex climbed over 1,000 points, Nifty topped 17,400 as all sectors traded in the green after a bullish start, tracking positive global cues. Street also eyes Economic Survey to be presented by Finance Minister Nirmala Sitharaman on Monday and Union Budget on Tuesday.

At around 1.10 pm, BSE Sensex was trading at 17,391.20 up 289.25 points or 1.69% and Nifty50 at 58,196.61 up 996.38 up points or 1.74%. Nifty Oil & Gas was trading at 7,817.70 up 176.35 points or 2.31%, touching a high of 7,833.95 and low of 7,724.25 during intraday trade on Monday.

BPCL was 4% higher at Rs397.70 per piece to lead the sectorial gains. 

Reliance Industries (RIL) share price gained nearly 3% to Rs2,402.50 on January 31 after foreign research firm CLSA upgraded the rating and target price.

ONGC gained 2.5% at Rs172.95 per piece. IOC rose 2.26% at Rs126.90 per piece. Oil India was 2.25 higher at Rs235.65 per piece. GAIL gained 1.9% while Adani Total Gas was also nearly 1.9% higher at Rs1,865.05 per piece.

Adani Total Gas Ltd, IOC and BPCL are among 13 successful bidders for city gas distribution (CGD) network in the latest round of bidding conducted by the Petroleum and Natural Gas Regulatory Board (PNGRB).

Gujarat State Petronet was also nearly 1.9% higher. 

HPCL was 1.63% higher at Rs318.55 per piece. The company will set up its own chain of multi-channel retail stores at its petrol pumps as the nation’s third-largest fuel retailer looks to give a push to non-fuel retailing. As part of this, HPCL has opened two more convenio stores under the brand name ‘HaPpyShop.

Castrol India was under pressure. The Index had 14 advances and one declines on Monday.