Nifty Oil -; Gas surge 1% to drive markets amid volatility; Adani Total Gas, ONGC, RIL and GAIL outperform

17 Feb 2022 , 12:00 PM

Nifty Oil & Gas continued the upside momentum by surging around 1% and supported the overall markets amid volatile trade. Adani Total Gas led the gains while heavyweights ONGC, Reliance, and GAIL also lifted the performance. Petronet LNG dragged the most.

Oil fell 2% in Asian trade on Thursday after France and Iran said parties are closer to an agreement to salvage Iran’s 2015 nuclear deal with world powers, offsetting tensions over Russian forces massing near Ukraine.

After making a higher opening, Indian markets entered into a volatile session today. Domestic equities tracked mixed global cues as investors observed development between Russia-Ukraine conflict and also reacted to US Federal Reserve’s minutes that hinted for US rates will be hiked if inflation does not calm down. Federal Reserve minutes indicate gradual rate increases to control inflation which sees markets rebound from lows.

The Indices gave away gains repeatedly amid choppy trade. At around 12.00 pm, BSE Sensex was trading at 58,109.36 up 112.68 points or 0.19% and Nifty50 at 17,362.90 up 40.70 points or 0.23%. Nifty Oil & gas was trading at 7,658.30 up 74.15 points or 0.98%, after touching a high of 7,666.50 and low of 7,589.15 during intraday trade.

Adani Total Gas rose 2.1% at Rs1,722.00 per piece to boost the sector. ONGC maintained the upside post strong Q3 earnings by gaining over 1.5% at Rs171.15 per piece. 

Reliance Industries also advanced 1.4% at Rs2,446.70 per piece to outperform.

GAIL India rose over 1% at Rs140.85 per piece on plans to lay a pipeline to Srinagar to take the natural gas to the Kashmir Valley. It also said that by May 2023 it will complete a 700-km pipeline from Mumbai to Nagpur.

Oil India and Gujarat Gas also gained 0.84% each. 

Petronet LNG dragged 0.83% to emerge the top loser while Indraprastha Gas was also 0.53% lower.