Nifty Oil -; Gas trade higher amid volatile markets; IOC, ONGC among top gainers

16 Feb 2022 , 12:05 PM

Nifty Oil & Gas rose to hold the markets amid choppy trade on Wednesday. ONGC stretched the winning streak post Q3 numbers, IOC, HPCL, and BPCL also were among the top gainers.

Globally, Oil tumbled over 4% from a seven-year high overnight after Russia said some of its military units were returning to their bases after exercises near Ukraine, a move that appeared to de-escalate tension between Moscow and the West.

Sensex dropped 350 pts also the Nifty 50 below 17,300 as market made a U-turn after edging higher post a flat start. The domestic markets were weak despite strength across global markets amid easing Russia-Ukraine tensions. Gains in oil & gas, pharma and auto stocks were countered by losses in select financial shares.

At around 12.05 pm, BSE Sensex was trading at 57,963.85 down 178.2 points or 0.31% and Nifty50 at 17,311.55 down 40.90 points or 0.24%. Nifty Oil & Gas was trading at 7,596.35 up 47.40 points or 0.63%, touching a high of 7,635.15 and low of 7,549.35 during intraday trade on Wednesday.

Indian Oil Corporation Ltd (IOC) led the gains at Rs121.10 per piece up 2%. Oil & Natural Gas Corpn Ltd (ONGC) was 1.7% higher at Rs166.95 per piece to continue the bull ride post strong Q3 results. Hindustan Petroleum Corporation Ltd (up 151%), IGL (up 1.4%), Bharat Petroleum Corporation Ltd (up 1.31%) were also in the fast lane.

Mangalore Refinery and Petrochemicals Limited and Reliance Industries Ltd were among the top losers on Wednesday.