More Stories

Informist, Friday, Aug. 7, 2026

 

MUMBAI – Stocks in the Nifty & Gas index are expected to remain rangebound in the coming week, as the index failed to break out of its consolidation phase. Technical analysts said a breakout from the consolidation range would determine the near-term direction for oil and gas stocks. During the week, Oil India reported a strong rise in June-quarter bottom line, broadly in line with Street expectations.

 

On Friday, the Nifty Oil & Gas ended 0.1% higher at 11312.20. Only six constituents in the 15-stock index ended higher. Chennai Petroleum Corp. ended 3% higher to be the top gainer in the index. Aegis Logistics, GAIL, and Indraprastha Gas ended around 2% lower to be the worst-hit stocks. "Nifty Oil & Gas index is moving through a short-term congestion phase, having resistance around 11400-11600 and support at 11000-10950. An either-side break from this range is essential for the next short-term move in that direction," said Vipin Kumar, assistant vice president, research, at Globe Capital Market Ltd.

 

During the week, Oil India reported a net profit of INR 28.70 billion, nearly quadrupling from a year earlier. The state-run oil explorer comfortably beat the Street estimate of INR 22.13 billion. Analyst had expected the company to report strong earnings, driven by higher global crude oil prices amid the war in West Asia. Oil India's revenue for the June quarter surged nearly 59% on year to INR 79.58 billion, exceeding the Street estimate of INR 76.88 billion. The company said crude oil output from its mature oilfields rose to 950,000 tonnes in the June quarter from 853,000 reported a year ago.         

 

India's gas demand in June returned to its pre-war level of 197 million metric standard cubic metres per day, up 6.8% on month, JM Financial said. The rebound was led by a sharp recovery in liquefied natural gas to around 110 million metric standard cubic metres per day, up 13% on month, the brokerage said. The disruption to LNG imports caused by the shutdown of Qatar's 82-million-metric-tonne-per-annum LNG plant was largely offset by alternate gas supplies, according to JM Financial.

 

TOP HEADLINES

 

* SC OKs HC hearing govt plea to execute award for $2.31 bln claims vs RIL
* Earnings Outlook: Oil India Q1 PAT to jump three-fold on higher realisations
* Cabinet OKs INR 237 bln for GOBARdhan Scheme to boost biogas production
* Analyst Concall: ONGC eyes higher output from policy push, attractive prices
* PRESS: Govt to charge extra on LPG, LNG users to fund strategic reserves
* HC orders takedown of AI content linking Gadkari with E20 petrol programme
* Earnings Review: ONGC Q1 PAT doubles YoY, beats Street
* CNBC:Strait of Hormuz may open Tue or Wed post US-Iran talk-US treasury secy
* To take necessary steps to deal with future fuel price volatility - fin min
* See 20 bps fisc slippage FY27 if crude oil sustains over $90/bbl, says Emkay
* Earnings Outlook: Input cost to drag Castrol Q1 PAT despite rise in sales
* Earnings Outlook: ONGC Q1 PAT seen up YoY on high crude prices, weak rupee
* Govt increases windfall gains tax on petrol, diesel, ATF exports
* Adani Total Gas ups CNG prices in Ahmedabad by INR 4/kg due to war in W Asia
* Analyst Concall: Seek to invest INR 1 tln capex in 5-6 yrs, says IOC
* Govt cuts domestic natural gas price by 10% on month to $7.86/mBtu in Aug
* Cabinet OKs INR 841.41-bln Samudra Manthan plan for offshore exploration
* Analyst Concall: GAIL reiterates FY27 capex at INR 115 bln
* Earnings Review: GAIL's Q1 PAT doubles on yr, grows for first time in 6 qtrs

 

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:

 

Company	Price	Week-on-week  change in %	Resistance	Support
Bharat Petroleum Corp	321.00	0.40	327.00	314.10
Hindustan Petroleum Corp	393.05	0.90	397.00	390.10
Indian Oil Corp	143.38	2.30	144.50	141.30
Oil & Natural Gas Corp	238.85	(-)1.50	243.80	234.60
Oil India	442.80	(-)3.50	458.70	429.20
Reliance Industries	1,334.80	2.10	1,349.90	1,309.10
Index	Levels
NIFTY OIL & GAS	11312.20	0.60	11404.00	11193.00
Nifty 50	24570.65	0.80	24682.30	24467.00
S&P BSE Sensex	78499.17	0.50	78924.90	78164.20

 

 

End

 

US$1 = INR 95.21

 

Reported by Adhithya Aji 

Edited by Saji George Titus

 

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/+91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

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