More Stories

Informist, Friday, Jul. 31, 2026

MUMBAI – Stocks in the oil and gas index are expected to see some buying interest next week as the technical levels signal further upside from current levels. Technical analysts are of the view that the index is likely to breach its current consolidation phase in the coming week. On Friday, Indian Oil Corp. reported its June quarter results wherein it reported a loss, as expected by the Street. 

"From a technical perspective, the index appears well-positioned for an upside move," said Ashish Sherigar, senior technical and derivatives analyst, NVS Brokerage. He said that a rise above 11350 will confirm positive momentum for the index and is likely to touch 11700 points in the coming weeks, Sherigar said. However, he added on the downside, a fall below 10950 points may trigger a negative sentiment.

The support for the sectoral index is estimated at 10950-10700, while the resistance is pegged at 11400, according to Vipin Kumar, assistant vice president, research, at Globe Capital Market Ltd. Barring Aegis Vopak Terminals, which ended nearly 1% lower, all the other constituents ended in red. GAIL (India) was the top gainer in the index, up over 4%. GAIL detailed its June quarter earnings Friday as well. The gas company's net profit doubled on year to INR 49.92 billion, and the revenue excluding excise duty, rose over 12% on year to INR 389.53 billion. The company sharply exceeded the analysts' estimate in both the top line and the bottom line. 

State-owned oil marketing major Indian Oil Corp. reported a loss of INR 26.61 billion for the reporting quarter. Analysts had estimated the company to post a loss due to a sharp rise in crude oil prices on the back of the West Asia war. However, the loss was sharply lower than Street's estimate of INR 183.30 billion. The revenue of the company rose over 26% on year to INR 2.76 trillion. Friday, shares of the downstream company closed 0.2% higher at INR 140.17. 

TOP HEADLINES

* Earnings Review: IOC posts loss in Apr-Jun but much smaller than Street view

* Earnings Review: GAIL's Q1 PAT doubles on yr, grows for first time in 6 qtrs
* Earnings Review: SJVN Q1 PAT slightly down on year, revenue up 52% YoY
* Earnings Outlook:Crude oil prices, under-recoveries to pull IOC in red in Q1
* EIA says US natural gas stocks up 28 bcf in week ended Jul. 24
* Oil India signs MoU with Municipal Corp of Delhi for biogas plants
* US crude oil stocks down 7.2 mln bbl in week ended Fri, exports up, says EIA
* GAIL, RCF ink pact to set up 1.27 mln tn gas-based urea plant in Maharashtra
* Govt flags risk to fisc gap, CAD from sustained oil price rise on W Asia war
* IOC invests over INR 433.6 bln in Paradip Refinery in Odisha
* ONGC to give $500-mln guarantee for MRPL's oil import from Saudi Aramco
* ONGC drills deepwater well in Mahanadi basin under Samudra Manthan Campaign
* CARE Ratings assigns A1+ to BPCL's INR-35-bln commercial paper
 

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 95.38

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.