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Informist, Friday, Jan. 9, 2026

 

MUMBAI – Shares of companies in the Nifty Oil & Gas index are expected to remain range-bound next week amid geopolitical uncertainties, with analysts forecasting subdued earnings growth for the sector in the December quarter. The Nifty Oil & Gas index ended 0.4% higher at 11628.75 points on Friday.

 

Over the week, the sectoral index gained nearly 6%, whereas the Nifty 50 index posted over a 2?ll during the same period. The crucial support for Nifty Oil & Gas is expected to be 11000 points, while resistance is pegged at 12000 points, according Jatin Gedia, vice president of technical research at Teji Mandi Investment Technologies. Analysts tracking the sector said they are awaiting clarity on tariff-related issues. 

 

"We are bearish on oil price. We believe that oil price should fall because of the Venezuelan attack (by the US). More supply will come to the market while demand is more or less stagnant," an analyst said. 

 

The fall in global prices of crude oil following developments relating to Venezuela over the weekend shows that the market is more concerned with the long-term implications rather than short-term disruptions, according to ING Economics. "The reaction in oil prices following the US arrest of Venezuelan President Nicolas Maduro suggests the market is more focused on the potential for supply increases in the longer term than any short-term disruptions from a power transition. Our 2026 oil outlook remains intact, though the short-term implications for the market depend on what kind of transition in power we see in Venezuela," it said in a note Monday. 

 

Prabhudas Lilladher expects the earnings for the sector to remain largely muted on a quarterly basis as rupee depreciation is expected to exert pressure on their marketing margins. Moreover, upstream companies are expected to face earnings pressure, as the decline in crude oil prices is likely to weigh on their realisations, the brokerage said. 

 

Refining margins are expected to drive oil manufacturing companies' earnings, according to Emkay Global Financial Services Ltd. The benchmark gross refining margins strengthened to $6-$7 per barrel from $4 per barrel. This was mainly led by significant growth in distillate spreads on a quarterly basis. The diesel marketing margins of oil marketing companies fell 16% on quarter to INR 3.7 per litre in the December quarter, while petrol marketing margins moderated to INR 9.5 per litre from INR 10.3 per litre. This is driven by higher product cracks and a depreciating rupee, which was partly offset by softer crude oil prices, the brokerage said.     

 

TOP HEADLINES

* EIA says US natural gas stocks down 119 bcf in week ended Jan 2

* CNBC: US eases sanctions, says Venezuela oil sales to continue indefinitely
* ONGC says blowout control measures in progress at Mori-5 field in Andhra
* Commerzbank sees crude oil prices firm near term on lower Venezuelan supply
* ONGC says mgmt assumes operational control of Mori field day after gas leak
* Reliance Ind says Jamnagar refinery not receiving any Russian crude cargo
* ONGC reports gas leak at well in Mori field in Andhra, says no casualties
* US-Venezuela developments may raise long-term oil supply, says ING Economics
* HPCL commissions residue upgradation facility at Visakh refinery
* HPCL opens trial plant to make aviation fuel blended with used cooking oil
* Govt cuts domestic natural gas price for Jan by 3.5% to $6.25/mBtu

 

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

 

Company	Price	Week-on-week  change in %	Resistance	Support
Bharat Petroleum Corp	354.15	(-)7.20	362.80	347.90
Hindustan Petroleum Corp	448.75	(-)9.50	459.00	441.20
Indian Oil Corp	157.61	(-)5.50	160.40	153.70
Oil & Natural Gas Corp	234.09	(-)3.10	241.00	228.50
Oil India	420.05	(-)2.10	432.40	405.80
Reliance Industries	1475.30	(-)7.40	1488.30	1458.50
NIFTY OIL & GAS	11628.75	(-)5.80	11775.70	11490.00
Nifty 50	25683.30	(-)2.50	26066.60	25431.40
S&P BSE Sensex	83576.24	(-)2.60	84798.90	82791.00

 

 

End

 

US$1 = INR 90.16

 

Reported by Adhithya Aji

Edited by Tanima Banerjee

 

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