More Stories

Informist, Thursday, Apr. 2, 2026

MUMBAI – Constituents of the Nifty Oil & Gas index are seen range-bound next week due to a surge in crude oil prices after US President Donald Trump said attacks on Iran will be intensified in the coming weeks. Crude oil prices rose to a high of nearly $110 per barrel after Trump's comments.

On Thursday, the Nifty Oil & Gas index ended nearly 0.8% lower at 10842.35 points, with nine out of the 15 stocks in the index ending lower. Oil marketing company Hindustan Petroleum Corp. was the worst hit in the index, down nearly 3%. Shares of peers Indian Oil Corp. and Bharat Petroleum Corp. were down over 1% each.

The ongoing correction in the sectoral index came to a halt during the holiday-shortened week, according to Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market. "Going ahead, we expect some sort of consolidation around current levels in the 11250–10400 range before the directional trend continues," Kumaar said.

The government has announced a hike of around 8.5% in aviation turbine fuel to INR 104,927 per kilolitre for Delhi, which is sharply lower than the break-even price given the current high refinery transfer prices, Nomura said. "The hiked price is applicable to domestic flights, while international flights may be charged at international parity prices..." the brokerage said after a discussion with oil marketing companies. This may lead oil marketing companies to lose INR 64 per litre on domestic ATF sales. At current market prices, this implies a marketing loss of $109 per barrel on domestic ATF sales, Nomura added.

The brokerage estimates around 65% of the total ATF sales in India to domestic airlines. This implies an annualised loss of INR 236 billion for Indian Oil Corp. in ATF sales, according to Nomura. Bharat Petroleum Corp. is likely to see a loss of INR 95 billion and a loss of INR 53 billion for Hindustan Petroleum Corp in ATF sales, Nomura added.

TOP HEADLINES

* IOC FY26 crude throughput 75.4 mln tn, pipeline throughput 105.3 mln tn
* PRESS: Loss of oil supply in April to be twice of March, says IEA's Birol
* Staggered hike in ATF to ensure competitive pricing by airlines, says govt
* Power Grid appoints Burra Vamsi Rama Mohan as CMD; R K Tyagi retires
* Petronet LNG raises Dahej LNG terminal capacity to 22.5 mln tn/year
* Indraprastha Gas appoints Subhankar Sen as chairman
* Oil marketing cos' under-recoveries to hit INR 405 bln by May-end: Oil min
* IOC raises ATF prices by 8-10% across metro cities effective Wed
* IOC ups 19-kg LPG cylinder price in Delhi by INR 195.5 to INR 2,078.50
* Oil India inks MoU with CSIR for joint R&D projects in critical minerals
* ONGC commissions Daman gas platform B-12-24P, sends gas to Hazira plant
* HC refuses CBI probe against RIL for illegal gas extraction from ONGC fields
* Can manage FY27 fisc gap despite petrol, diesel excise duty cut – Sitharaman
* Govt sees INR 70-bln revenue loss fortnightly on cut in excise duty on fuel
 

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 93.10

Reported by Adhithya Aji 

Edited by Ashish Shirke

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.