OMCs HPCL

Despite the near-term volatility, HPCL's valuations remain reasonable, the brokerage noted. The stock trades at 1.4x one-year forward price-to-book, slightly above its long-term average of 1.2x.

In the past six months, Nifty Midcap 150 index has outperformed the market by surging 10 per cent, as against 5.3 per cent rally in the Nifty 50.

HPCL share price outlook: While OMCs near-term earnings will remain strong (despite oil price spike), Kotak Institutional Equities said key concerns remain on the lack of pricing power and large capex

Technically, HPCL, BPCL stock seem to be favourably placed on the charts with key support at ₹ 324 and ₹ 255, respectively. IOC stock chart however flags a caution sign.

The Indian government has increased the price of a 14.2 kg LPG cylinder by ₹50. Simultaneously, the government has raised the excise duty on petrol and diesel by ₹2 per litre, a move impacting OMCs.

According to HPCL, India's ambitious goal of expanding road connectivity, manufacturing, and construction activities is expected to support economic growth and further drive oil consumption in India.

Oil & Gas stocks outlook: Indraprastha Gas and Mahanagar Gas are awaiting a breakout from a narrow trading band, show technical charts.

All you need to know before the market opens on Thursday, May 09: Stock specific action likely to dominate trading sentiment today. Check key levels for the Nifty and Bank Nifty by market experts here

According to reports, Egypt has revived stalled negotiations between the Israel-Hamas for a ceasefire agreement, thereby pushing crude oil prices lower.

OMC stocks are displaying bearish sentiment, if fails to hold key supports then could enter medium-term selling bias.

The state-owned oil marketing company reported the second straight quarterly loss despite revenue rising 30 per cent to Rs 1.13 trillion.

Stocks like HOEC, HPCL, ONGC and Pidilite can rally up to 10 per cent in the near term.

HPCL, BPCL and IOC were down between 3% and 5% on the BSE in early morning trade, but recouped losses partially as trade progressed