Nifty Oil & Gas index drops over 2% as RIL, BPCL, HPCL shares weigh

Reliance Industries was the biggest dragger on the Nifty Oil & Gas Index, while ONGC helped limit the losses on Tuesday.

Nifty Oil & Gas index today: The NSE Nifty Oil & Gas index declined over 2 per cent in Tuesday's intra-day trade, tracking losses in Reliance Industries, Bharat Petroleum Corporation, and Hindustan Petroleum shares.

 

The Nifty Oil & Gas declined 2.6 per cent to the day’s low of 11,891.05, the lowest level since December 30, 2025.

 

The index quoted 2.07 per cent lower at 11,962.20 as of 2:16 p.m., as compared to a 0.44 per cent decline in the NSE Nifty 50 index.   Analyst's View:   The Nifty Oil & Gas index has faced significant pressure, down 3 per cent during the week, on geopolitical tensions between the US and Venezuela and fresh warning by US President over Russian Oils. Technically, It has immediate price and moving average supports around 11,750-11,690 spot levels. Going ahead, Globe Capital Markets suggest traders to adopt a cautious approach and wait for price stability around the mentioned support zone before initiating fresh positions, said Vipin Kumar, assistant vice president, technical and derivatives research.  

The pressure on the downstream Oil and Gas sector reflects concerns over rising crude prices amid heightened geopolitical tensions. Recent commentary around Cuba, Colombia, Mexico, Greenland, and Iran has added to geopolitical risk, lifting Brent prices by around 2 per cent since Friday’s close, said Dhaval Popat, energy analyst at Choice Institutional Equities.  However, as there is glut in the oil markets and excess inventory at sea, the rally in oil prices may not sustain. This could help ease the momentary pressure. Choice Institutional Equities are positive on downstream oil and gas sector, he said.  

Higher oil prices are supportive for India’s upstream Oil and Gas sector, as they translate into improved realisation prospects. However, as the brokerage do not expect oil prices to remain elevated on a sustained basis and therefore maintain a neutral view on the upstream Oil and Gas segment, he added.

 

 

​Reliance Industries drags most

  The index heavyweight Reliance Industries share price slumped 5.18 per cent to ₹1,496.30. The stock recorded its worst intraday decline in eight months amid reports that CLSA dropped the large-cap stock from its India model portfolio. 

 

Reliance Industries was also the top dragger on the NSE Nifty 50 inde, accounting for over 100 points loss on the NSE benchmark. 

 

Reliance stock has extended its decline to a second session. On Monday, the stock rose to new high of ₹1,611.80 as analysts expected the company to benefit from the tension in Venezuela amid US’s capture of the oil reserve in the country. The stock eventually had erased gains. 

 

Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) were the other two laggards in the index. The counters declined as much as  3.68 per cent and 3.64 per cent, respectively so far on Tuesday. 

 

Bucking the trend, Oil and Natural Gas Corporation (ONGC), Petronet LNG, and Oil India shares limited the losses in the index. 

 

ONGC share price rose as much as 1.56 per cent to ₹241.80 so far. 

 

The scrip experienced positive momentum as it entered into a joint venture with Mitsui O.S.K Lines, Japan. As per the agreement, ONGC will subscribe to 0.2 million shares with a face value of ₹100 of two joint venture companies - Bharat Ethane and IFSC Private Limited. Post this, the company will hold a 50 per cent stake in the joint venture. 

 

Moreover, the company informed the stock exchanges that there were no injury or death in a leak incident reported by production contractor Deep Industries, which occurred at Well Mori-5 located in the Mori area of Andhra Pradesh.  ONGC's production contractor, Deep Industries, reported the incident on Monday.