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Informist, Friday, Jul. 4, 2025

NEW DELHI – Stocks part of the Nifty Oil & Gas index are poised to see some uptick in the near term having outperformed the benchmark indices in the last couple of weeks, analysts have said. Share movement could also be dictated by earnings expectations for the June quarter, which are due to be announced in the coming weeks, they added.

Friday, the Nifty Oil & Gas index closed 1.1% higher at 12002.35 points. A Mumbai-based technical analyst said that the sectoral index has the legs to go up to 12100 points next week. Another analyst expects the index to find support between 11840 points and 11720 points but could face resistance between 12150 points and 12400 points.

The index gained 1.4% this week, and performed much better than the benchmark Nifty 50 which lost almost 0.7%. Gains this week were led by growth in shares of Indraprastha Gas which rose 5.6%, and Bharat Petroleum Corp. and Gujarat Gas, each up 4%. Next week, shares of Reliance Industries, GAIL (India), and Indraprastha Gas could see some upward movement, the analyst said.

For the June quarter, analysts expect sales of oil marketing companies to decline owing to lower oil prices. Brent crude prices averaged around $68 per barrel during the quarter owing to concerns around trade tariffs and the resultant worries around a

slowdown in global gross domestic product growth. Their earnings before interest, taxes, depreciation, and amortisation could increase due to an expansion in marketing margins, analysts at Prabhudas Lilladher said in a note earlier this week.

Analysts expect city gas distributors to report better on-year margins in the June quarter. Emkay Global Financial Services in a note said that Mahanagar Gas could continue outperforming peers when it comes to volume growth.

Going forward, gas companies like GAIL could also gain from the Petroleum and Natural Gas Regulatory Board's decision to reduce the number of Unified Tariff Zones to two from three. This move, approved by the board Friday, is expected to simplify natural gas transportation system across the country. The development prompted a rise in share prices of Indraprastha Gas and Mahanagar Gas.

Friday, oil prices dipped below $67 per barrel and may remain under pressure as the 22-country strong Organization of the Petroleum Exporting Countries and allies are expected to announce another oversized production hike, Kotak Securities said in a report.

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* IEX Jun electricity traded volume 10.85 bln units, up 6.5% on year
* S&P Global sees LNG prices easing from 2026 on higher supply
* HC junks income tax dept's notices to reopen BPCL's income assessment
* Reliance Power says no impact on ops from SBI action on RComm
* ONGC signs pact with Japanese company for 2 very large ethane carriers
* S&P's Das sees global oil demand peaking this decade, falling thereafter
* Tata Power arm commissions 752 MW solar projects in Apr-Jun, up 112% on year
* Singapore arbitration body asks Tata Power to pay $498.61 mln to Kleros
* India's crude imports from West Asia fall in June due to supply risk: Kpler
* Oil cos invite bids from distillers for supply of 490 mln ltr ethanol Aug-Oct
* Data Alert: India power generation falls 6.4% on yr to 130.88 bln kWh in Jun
* India's Apr-Jun coal production rises 16% on year, dispatches up 13%
* Afcons Infra bags INR-1.75-bln contract from RIL for civil works in Gujarat
* Reliance Power says no dues on Samalkot project, guarantee can't be invoked
* Hope fin min will compensate oil cos for FY25 under-recoveries: Oil minister
* Bangladesh pays Adani Power $437 mln, settles dues till Mar 31, sources say
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* HEG gets show cause notice from tax dept for INR 2.82 bln
* IPO Alert: Ellenbarrie Industrial closes 33.7% higher to issue price
* Govt appoints Rajendra Prasad Goyal as NHPC's chairman, MD for two months
* Coal ministry to launch exploration module on single window clearance system
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* RattanIndia Power fully repays INR 10.25-bln debt raised via NCDs
* IOC cuts 19-kg LPG cylinder price by INR 58.50 in Delhi to INR 1,665
* NHPC says Chaudhary will cease to hold CMD's post with immediate effect
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* IREDA loan disbursals at INR 69.81 bln in Apr-Jun, up 31% on year
* IPO Alert: Ellenbarrie Industrial to list Tue; issue price INR 400 per share
* CG Power sets floor price for QIP at INR 679.08 per share
* Govt hikes domestic natural gas price for July by 7.5% to $6.89/mBtu
* S&P Global cuts 2025 oil demand growth view; growth in H2 may fall YoY
* Adani Green gets Andhra govt nod to raise power storage capacity by 1.9 GW
* Dam safety authority nod for NHPC Subansiri Lower project units gets delayed
* Adani Green Energy operationalises 1012 MW of green power at Khavda
* NTPC Green arm commissions final phase of 220-MW Shajapur solar project
* NLC India gets order from NTPC for 450 MW wind-solar hybrid power project
* NTPC Green arm to start commercial ops at 2 projects in Gujarat on Sat
* CARE Ratings upgrades GMR Airports's NCD ratings to A, outlook stable
* Fin min says India's economy in 'goldilocks' situation amidst global risks
* GAIL to subscribe to rights share issue of joint venture Talcher Fertilizer
* In talks with RIL, 3 more for optic fibre landing stations: Gujarat official

Following are the resistance and support levels for the stocks for next week as per calculations by Informist based on their prices on the National Stock Exchange:

End

US$1 = INR 85.40

Reported by Anand JC

Edited by Vandana Hingorani

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