Nifty Oil & Gas Rises As Crude Nears $100 Per Barrel Amid West Asia Tensions
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The Nifty Oil & Gas index gained despite broader market weakness, led by CPCL and MRPL, as crude prices neared $100 per barrel amid escalating West Asia tensions.
The Nifty Oil & Gas index traded higher on Wednesday despite a weak broader market, helped by gains in upstream oil and refining stocks as crude oil prices moved close to $100 per barrel amid rising tensions in West Asia. At 13:25, the Nifty Oil & Gas index was up 0.29%.
Nine stocks in the 15-member index advanced, with Chennai Petroleum Corporation Ltd (CPCL) leading the gains. Its shares rose more than 5% to ₹1,532 around 11 am. Mangalore Refinery and Petrochemicals Ltd (MRPL) followed, gaining 3.3% to ₹178.50.
Oil India shares advanced 1.7% to ₹504 at the same time. Adani Total Gas gained 2% to ₹620.40, while Oil and Natural Gas Corporation (ONGC) rose 0.50% to ₹236.95 during the same time. Here’s how these stocks were performing at around 13:25 on the National Stock Exchange (NSE):
CPCL | +8.82% |
MRPL | +6.14% |
Oil India | +0.74% |
Adani Total Gas | +1.41% |
ONGC | +0.021% |
Oil Marketing Stocks Remain Flat
That said, shares of major oil marketing companies such as Indian Oil, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) remained largely subdued despite the broader strength in the oil and gas index.
The mixed performance came as crude oil prices remained elevated following a fresh escalation in the West Asia conflict. Analysts said the recent strength in upstream oil and refining stocks has been driven mainly by higher crude prices. Elevated oil prices can provide temporary support to refining margins and near-term financial performance.
Analysts also feel buying interest in these stocks could continue in the short term, although the current move may not turn into sustained buying.
West Asia Conflict Escalates
Notably, the conflict widened after Iran-backed Houthi forces struck four cities in southern Saudi Arabia, bringing the US ally further into the fighting.
US forces also struck several Iranian oil tankers, while Iran hit a US base in Jordan. US Central Command said American forces destroyed five Iranian crude tankers. The strikes came in retaliation for two ballistic-missile attacks by Iran's Revolutionary Guard on a US warship over the previous two days.
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Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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