Hitesh Tailor, technical research analyst at Choice Broking highlights that HPCL, BPCL and Gail India have bounced back after taking support around their respective 200-week EMAs.
Oil prices slipped to a two-week low on Monday amid optimism over a potential US-Iran agreement
Petrol and diesel prices were raised by around 90 paise per litre on Tuesday, marking the second fuel price hike in less than a week
The upward revision in prices for both fuels, said Jyotivardhan Jaipuria, founder and managing director at Valentis Advisors, was already expected though the quantum of ₹3 per litre seems too less.
Rajesh Bhosale, technical analyst at Angel One highlights that BPCL and IOC have consistently faced resistance around their respective 50-day EMAs on the charts in recent past.
Public sector OMCs, including Indian Oil, BPCL, and HPCL, have been incurring losses of about ₹20 per litre on petrol and nearly ₹100 per litre on diesel due to elevated global crude prices
Stocks to watch today: Stocks of OMCs, Adani Group, Tata Steel, JSW Steel, United Spirits, Voltas, HFCL, HCC, Apollo Tyres, are among the key stocks in focus today.
Hindustan Petroleum reported a consolidated net profit of ₹6,065.26 crore, up 77 per cent from ₹3,415 crore in the year-ago period
State-run oil marketing company reports higher refining margins and recommends a final dividend of Rs 19.25 per equity share for FY26
The board of HPCL has declared a final dividend of ₹19.25 per share of ₹10 face value for the financial year 2026 and set August 14 as the record date.
Among the index constituents, Mahanagar Gas fell around 4.5 per cent, followed by IOCL, BPCL, Adani Total Gas, HPCL, Petronet LNG, Chennai Petroleum, and GAIL down over 2 per cent each
The Nifty Midcap Select index hit a new high of 14,223.90, soaring 2% and surpassing its previous high of 14,118 touched on December 1, 2025.
At the top of the list is Bharat Petroleum Corporation (BPCL), which offers the highest dividend yield of 7.5 per cent
Market analysts attributed the sharp spike in crude oil prices to supply disruptions amid concerns that output from key West Asia producing regions may remain constrained for longer
On its part, the government has denied reports of hiking petrol and diesel prices despite the surge in crude oil in the backdrop of the conflict in West Asia.
Emkay Global has cut ratings on OMC stocks as rising crude and windfall tax may hit margins. The brokerage sees up to 60% decline in FY27 earnings for HPCL, BPCL, IOCL
Massive fire near crude distillation unit at Balotra refinery site prompts postponement of PM Modi's visit; no casualties reported, probe underway
Crude oil prices fell for a second day on Wednesday on expectations that peace talks between the US and Iran may resume
The selling in HPCL, IOCL, BPCL came after oil prices surged above $100 per barrel as escalating tensions in West Asia spooked investors.
Beyond $90/bbl is when the decline steepens and things worsen as inflation starts eating into savings, impacting spend that gets especially bad for consumer sectors, Bernstein said in a recent note.