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Informist, Friday, Apr. 27, 2026

NEW DELHI – Shares of oil and gas companies are expected to continue trading with bearish momentum in the coming week, given their extreme sensitivity to crude oil prices, according to analysts. Benchmark crude oil prices have risen to well over $100 per barrel from $74 per barrel in late February when the US and Israel jointly began aerial strike on Iran, putting financial strain on oil companies. Scepticism around the scope of the war has led to a strong bearish sentiment in global stock markets.

The NYMEX Crude is expected to continue its volatile trading behaviour and trade between $93 and $100 per barrel after US President Donald Trump announced an extension in his plans to not hit vital energy infrastructure of Tehran for another five days, ICICI Direct said in a report. With geopolitical risks persisting and supply constraints unresolved, crude prices are likely to remain elevated in the near term, YES Securities said.

"The Nifty Oil & Gas index, with a beta of 0.95 and correlation of 0.72 with the Nifty, remains sensitive to crude oil price movements due to its 57.95% weightage in marketing and refining companies," said Vatsal Bhuva, a technical and derivatives analyst at LKP Securities. Friday, the Nifty Oil & Gas index closed 1.15% lower. For the week, the sectoral index lost 1.85%, much worse than the benchmark Nifty 50, which closed 1.3% lower and Nifty 200, which lost 1.5%.

Only four companies--Aegis Logistics Ltd., Oil India Ltd., Hindustan Petroleum Corp. Ltd., and Oil and Natural Gas Corp. Ltd.--closed in the green for the week in the 15-stock sectoral index. Gujarat Gas Ltd. was the top laggard for the week, down 10.4%, followed by Gujarat State Petronet Ltd. which lost almost 8% and Castrol India Ltd., which was down 6.54%.

"Technically, the index is in a clear downtrend, forming lower highs and lower lows while sustaining below its 20-day SMA (simple moving average), indicating bearish sentiment. It is currently approaching a strong support zone near 10,700–10,800, while resistance is seen around 11,100–11,200," Bhuva said. A relative strength index of 34 reflects weak momentum, he said. Oil India and ONGC show relative strength, whereas Petronet LNG Ltd., HPCL, Bharat Petroleum Ltd., and GAIL (India) Ltd. remain under pressure.

TOP HEADLINES

* Govt says reduction in excise duty to lower under-recoveries of PSU oil cos
* Govt cuts excise duty on diesel, petrol by INR 10/litre; levies export duty
* EIA says US natural gas stocks down 54 bcf in week ended Mar 20
* RIL rejects media reports of company purchasing crude oil from Iran
* Govt tells all-party meet 5 more ships set to sail through Strait of Hormuz
* India Mar oil imports down 19% on month, Russian barrels up 82%, says Kpler
* Indian cos struggling to secure urgent spot LNG cargoes, says S&P Global arm
* BPCL refutes rumours of oil shortage, says supply chains operating smoothly
* Govt eases norms to streamline laying gas pipelines, boost natural gas use
* Distillers' body pitches ethanol as cooking fuel amid LPG supply concerns
* BPCL JV NeuEn Green Energy bags green hydrogen deal from Numaligarh Refinery
* India should brace for long-term effects of West Asia war, says PM
* India's crude oil basket rises to all-time high of $157.04/bbl
* People queue up at Gujarat petrol pumps, some outlets go dry on panic buying

* Crude oil futures slump as Trump says no strikes against Iran for five days
* West Asia war throwing up 'unprecedented' challenges, India coping, says PM
* NCLT approves merger of Kandla Energy with parent co Deep Industries
* Power Grid FY26 capex overshoots INR 320-bln aim, may spend INR 370 bln FY27
* Transrail Lighting recalls funds remitted for buying share in UAE subsidiary
* Petronet LNG to set up subsidiary NGO to mentor start-ups in energy sector
* IOC ups premium petrol prices INR 2/ltr, says no hike in regular fuel prices
* Hike in premium petrol price unlikely to impact most consumers, says govt
* India west coast to get 8 LNG tankers by end March, Gujarat officials say
* CNBC-TV18: IOC hikes industrial fuel price by 25% to INR 109.59/ltr
* PRESS: Indian oil cos hike premium petrol prices by INR 2-INR 2.3 per litre
 

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 94.81

Reported by Anand JC

Edited by Akul Nishant Akhoury

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