Nifty Oil -; Gas stocks trade higher; Adani Total Gas lifts performance; Reliance Industries remain bullish

25 Mar 2022 , 12:10 PM

Nifty Oil & Gas stocks were higher in the noon trade amid volatile markets on Friday. Adani Total Gas led the gains by hitting 52-week high while Reliance was also bullish at this hour. However, Indraprastha Gas, Gujarat State Petronet, Gujarat Gas, Mahanagar Gas and BPCL were under pressure.

The Nifty Oil & Gas stocks were trading at 7,836.55 up 19.15 points or 0.24%, touching a high of 7,894.20 and low of 7,830.15 during intraday trade on Friday.

The price of petrol and diesel in Delhi increased by 80 paise a litre each on Friday. This is the third increase in four days with total hike now is Rs2.4/litre.

Meanwhile, bechmark indices were lower. At around 12.10 pm, BSE Sensex was trading at 57,266.37 down 329.31 points or 0.57% and Nifty50 at 17,125.70 down 97.05 points or 0.56%.

Adani Total Gas hit 52-week high at Rs2,066.95 per piece on Friday. The company has participated in the 11th CGD Bidding Round conducted by Petroleum and Natural Gas Regulatory Board (PNGRB) and received authorization letters for laying, building, operating and expanding CGD networks for the following Geographical Areas (GAs).

Reliance Industries was 0.5% higher while GAIL also edged higher amid bearish mood of the market. 

Indraprastha Gas shed 2.6% at Rs367.65 per piece while Gujarat Gas Petronet was also 2% down. IOC (down 1.45%), Gujarat Gas (down 1.33%) and Mahanagar Gas (down 1.12%) were also under pressure. BPCL also shed 1% to drag the Index.

In the international front, Asian markets were mixed despite gains in US stocks overnight. Globally oil price fell but the hike in fuel prices at home, a third time this week, hurt the overall market sentiment.