More Stories

Informist, Friday, Sept. 4, 2026

 

MUMBAI – Shares of oil and gas companies are expected to consolidate in the near term amid lack of triggers. Crude oil prices remained high and are expected to weigh down on the margins of oil marketing companies in the near term. Friday, the Nifty Oil & Gas index ended 0.2% higher at 11187.65. For the week, it gained 1.1%.

 

Since the second half of June, the sectoral index has been hovering around a tight range of 450 points, around 10950-11400 zone. "Moving forward, we expect it to trade in similar fashion as long as the index is consolidating in this range. A decisive break on either side of this range will start the next short-term move in that direction," Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market, said.

 

In the Nifty Oil & Gas, most stocks ended lower Friday. Oil marketing companies Bharat Petroleum Corp. and Hindustan Petroleum Corp. fell over 1% lower each to be the worst hit stocks in the sectoral index. Downstream companies fell amid elevated crude oil prices. The November futures of Brent crude was over $95 per barrel. Shares of Indraprastha Gas closed nearly 6% higher to be the top gainer in the index. 

 

The disruption in shipping through the Strait of Hormuz due to war in West Asia led to India's liquefied natural gas imports falling around 28% to 70 million standard cubic meters per day in March. "However, strong spot LNG buying, initially from the fertiliser and power sectors and later from most industrial consumers, has led to a steady recovery," Kotak Securities said in a report. To avoid future supply shock in liquefied petroleum gas, the government has mandated refiners to raise the production capacity by 63,800 tonnes per day, up 70% from the production in the financial year 2024-25 (Apr-Mar). "GAIL could be a key beneficiary, as higher domestic gas allocation would enable it to restart mothballed units and increase LPG production," the brokerage said.

 

TOP HEADLINES

* Adani Total Gas appoints Preyash Jhaveri as CFO
* IOC adopts new articles of association to pursue business in emerging fields
* IOC hikes 19-kg gas cylinder price by INR 9.5 to INR 2,747.50 in Delhi
* ONGC may set up trading unit by FY27 end, hunting for JV partner - chairman
* ONGC bets big on deepwater exploration, to invest INR 1 tln in next 5 yrs
* MRPL FY27 refining margins seen stable around $9 per barrel - Official
* Oil India arm signs MoU with Haryana for 4 waste-to-clean-energy projects

 

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.	315.70	(-)1.10	322.30	312.40
Hindustan Petroleum Corp.	356.50	(-)2.10	361.90	352.90
Indian Oil Corp.	137.60	0.40	138.30	136.50
Oil & Natural Gas Corp.	234.65	1.00	236.40	232.70
Oil India	488.30	1.10	495.20	483.10
Reliance Industries	1322.00	2.70	1348.60	1290.80
Index	Levels
NIFTY OIL & GAS	11187.65	1.10	11279.00	11106.50
Nifty 50	23897.70	(-)1.20	24043.00	23823.20
S&P BSE Sensex	76515.43	(-)1.00	77005.70	76270.30

 

End

 

US$1 = INR 94.48

 

Reported by Adhithya Aji

Edited by Shubhayan Bhattacharya

 

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.