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Informist, Friday, Jan. 30, 2026

MUMBAI – Shares of oil sector companies are expected to be range-bound next week after remaining largely positive this week. The Nifty Oil & Gas index rose 4% during the week ended Friday, outperforming the benchmark indices. Analysts await the Union Budget for 2026-27 (Apr-Mar) and movements in crude oil prices to provide direction next week.   

Analysts said there are no major expectations for the sector from the Budget, which will be presented on Sunday.

The Nifty Oil & Gas ended 0.5% lower at 11791.70 points Friday. The support for the sectoral index is seen at 11500 points, while the resistance is pegged at 12200 points, according to Jatin Gedia, vice president of technical research at Teji Mandi Investment Technologies. Crude prices fell after rising on tensions between the US and Iran, which could disrupt global supply. 

At 1927 IST, ICE Brent Crude Oil March Futures were over 0.2% lower at $70.55. Crude prices fell due to a broader risk-off tone in global markets and a rebound in the US dollar, Kaynat Chainwala, associate vice president, commodity research at Kotak Securities, said in a note.       

Shares of Oil and Natural Gas Corp. ended over 2% lower Friday and were among the worst hit in the Nifty 50 index. ONGC is a major upstream company and a sharp fall in oil prices could affect its margins. 

Heightened geopolitical turbulence, a depreciating rupee, and concerns about an excise duty hike led to the stocks of major oil marketing companies plunging 3-15% over the past month, according to PL Capital Institutional Equities.   

Oil & gas stocks rose this week after Prime Minister Narendra Modi highlighted that India had significantly opened up its exploration sector, particularly the deep-sea exploration initiative known as the Samudra Manthan Mission. Modi also said that by the end of the decade, India aims to raise investments in the oil and gas sector to $100 billion.

"The new investment plan is necessary for a growing economy," Sumit Pokharna, vice-president of fundamental research at Kotak Securities, said. "India is a growing economy and needs to reduce dependence on other countries for hydrocarbons, and since we don't have a lot of hydrocarbon reserves ourselves, the next best options way of doing that is to build our own refining capacity," Pokharna said.

TOP HEADLINES

* HPCL, Castrol India sign MoU to explore a re-refined base oil ecosystem

* Indian oil signs pact with Akasa Air to supply sustainable aviation fuel
* RIL, ONGC sign pact for resource sharing on KG basin, Andaman offshore area
* Petronet LNG inks master regasification agreement with ONGC for 5 years
* India, Canada ink pact to boost investment, trade in energy sector
* ONGC JVs sign shipbuilding pact with Korean co for very large ethane vessels
* HPCL, Castrol India sign MoU to explore a re-refined base oil ecosystem
 

The 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:

End

US$1 = INR 91.98

Reported by Adhithya Aji

Edited by Saji George Titus

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