More Stories

Informist, Friday, Jun. 19, 2026

MUMBAI – Stocks in the Nifty Oil & Gas index are expected to trade flat to lower next week as global crude oil prices rose after reports said Israel launched attacks on Lebanon, leading to fresh tensions in West Asia. Moreover, the US and Iran peace talks that were scheduled to be held in Switzerland were called off, raising concerns around the deal between the two nations.  

The Nifty Oil and Gas ended over 1% lower at 11169.75 points. "The index continues to trade within a descending channel pattern, forming a series of lower highs, which reflects a weak price structure," said Vatsal Bhuva, technical and derivative research analyst at LKP Securities. Bhuva also said that the sectoral index was trading below its key 100-day moving average and 200-day moving average, indicating a subdued trend. 

The immediate support for Nifty Oil & Gas is pegged at 11000, while the resistance is seen at around 11300, Bhuva added. After around four months of war, the US and Iran signed a deal 'digitally' after which Washington lifted the blockade on the Strait of Hormuz. "American forces are not impeding the transit of vessels to or from Iranian ports. All US military blockade enforcement efforts have ceased," US Central Command said in an X post. Following this, the August futures of Brent Crude Oil fell below the mark of $80 per barrel.

However, analysts are of the view that the June quarter earnings of oil marketing companies will be see pressure due to compressed marketing margins. Downstream oil companies had effected retail fuel price hikes of around INR 7.50 in May to mitigate the losses on the back of elevated crude oil prices. However, the benefit from the easing in crude oil prices is insufficient to offset the full quarter impact of higher input costs and compressed marketing margins, Prabhudas Lilladher said.

For the June quarter, gross marketing margins for high-speed diesel and motor spirits or petrol were at a loss of INR 10 per litre and INR 7 per litre, respectively, the brokerage said. These figures factor in the impact of excuse duty cuts and capped product cracks. "The sharp deterioration in marketing margins is expected to materially impact profitability," Prabhudas Lilladher said. 

Moreover, there is a risk of the rollback of the excise duty that was trimmed by INR 10 per litre on both petrol and diesel. The government's move for an excise duty cut was a crisis management not a permanent structural change, according to Prabhudas Lilladher. "With crude prices moderating, retail fuel price hikes implemented, and marketing margins turning positive, the government may gradually withdraw this benefit," the brokerage said. 

On Friday, shares of state-run oil marketing majors Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. closed around 1.8-3.1% lower.    

TOP HEADLINES

* RIL says Jio Platforms to file DRHP Fri for up to 270-mln-shr fresh issue
* EIA says US natural gas stocks up 73 bcf in week ended Jun 12

* Global coal consumption seen record high again in 2026, says S&P Global

* HPCL says restoration of distillation unit in Rajasthan refinery complete

* Experts see energy supply normalising soon only if US-Iran pact holds

* India's May natural gas imports down 21% on yr on W Asia supply disruptions

* DoT to forward telecom body letter on bulk diesel curbs to oil min - Source

* IEA see global oil demand dn by 1.1 mln bpd 2026; supply dn to 102.4 mln bpd

* No scientific basis for claims of E20 petrol attracting ants, BPCL says

* PRESS: RJio to file draft papers for IPO before RIL chairman's speech at AGM

* Finance ministry hikes windfall gains tax on diesel, ATF exports
* Emkay Global sees Nifty 50 at 29000 pts by Mar end, crude oil at $75-$80/bbl
* HC rejects ONGC's plea seeking continuation of Swiber's $15-mln bk guarantee

* Gujarat Gas' sales to Morbi units at record 8.5 mscmd since mid-May - Sources

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 94.32

Reported by Adhithya Aji

Edited by Akul Nishant Akhoury

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.