IGL Shares Surge 7% After Q4 Results, Gail India 4.5%: In the trading session, Oil and gas stocks surged significant activity, with the Nifty Oil and Gas index surging by 2.51 percent to reach an intraday high of 11,669.50 levels. This surge contrasted with the modest 0.29 percent rise in the Nifty50 index.
Key Players and Gains
All stocks within the Nifty Oil & Gas index, except for Adani Total Gas and Aegis Logistics, witnessed gains. Leading the surge was Indraprastha Gas (IGL) performance, climbing by 7.29 percent. This was followed by GAIL, registering a rise of 4.66 percent, and MGL, up by 4.42 percent. Petronet LNG also saw an increase of 4.15 percent.
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Notable Gainers
Other notable gainers in the oil and gas sector included BPCL at 3.30 percent, Guj Gas at 3.26 percent, HPCL at 3.10 percent, IOC at 2.7 percent, Reliance at 2.24 percent, ONGC at 2.43 percent, GSPL at 1.25 percent, Castrol India at 1.52 percent, and Oil India Limited at 1.78 percent.
IGL’s Performance
Shares of Indraprastha Gas (IGL) performance soared by 7% to reach a high of Rs 468.20 on BSE after the company reported a 16% year-on-year increase in its fourth-quarter profit to Rs 383 crore. However, brokerages are maintaining a neutral stance on the stock.
Reasons for Uptick
Analysts attribute this uptick in Oil and gas stocks surge to various factors, including the decline in oil prices. Brent crude dipped below $83 a barrel, its lowest since 13th March, while West Texas Intermediate approached $78. This decline in oil prices was influenced by factors such as a slightly bearish US stockpile report and escalating tensions in the Middle East.
Expert Insights
Kaynat Chainwala, senior manager of commodity research at Kotak Securities, mentioned that WTI Crude oil futures declined due to Russian Deputy Prime Minister Alexander Novak’s statement about the possibility of increasing oil production by OPEC+. Despite tensions in the Middle East, oil traders remained focused on other factors. The API inventory data showed a minimal weekly gain in crude oil inventories in the US, the smallest since early March, with investors eagerly awaiting EIA data for further insights.
Conclusion
The Oil and gas stocks surge, particularly Indraprastha Gas (IGL) performance, reflects market dynamics influenced by both domestic and international factors. Despite challenges such as declining oil prices and geopolitical tensions, the sector continues to attract investor interest, with companies like Indraprastha Gas (IGL) performance demonstrating resilience and reporting positive financial performance. As market conditions evolve, continued monitoring of oil and gas stocks remains crucial for investors seeking opportunities in this sector.
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