Bank Nifty rollovers stood at 69.3 per cent, which was higher than the 3-month average and indicates positive sentiment at the counter, said Axis Securities report.
As of 09:22 AM; the BSE Oil & Gas index was up 1.7 per cent, as compared to 0.68 per cent rise in the BSE Sensex.
In the past six months, the oil & gas index has underperformed the market by falling 18 per cent, as against a 9.5 per cent decline in BSE Sensex.
Technical charts show that the key momentum oscillators on Oil India and Campus Activewear are turning favourable, hence the stock may trade with a positive bias in the near-term.
On Thursday, 5 stocks - Bandhan Bank, Hindustan Copper, L&T Finance, Manappuram Finance and RBL Bank were placed under futures & options ban period on the NSE.
ONGC share price: Brent crude futures were trading above $76 per barrel-mark, while WTI Crude was around $73.4 per barrel. Both of them were higher by up to 0.36 per cent today
Despite ending 2024 on a strong note, select PSU stocks such as Oil India, NHPC and Coal India plunged up to 43% from the peaks; technical charts hint at a possible pull-back in the near-term.
French energy giant TotalEnergies and state-owned Oil India Ltd (OIL) signed a cooperation agreement to carry out methane emissions detection and measurement campaigns at the Indian firm's sites. The two will use TotalEnergies' pioneer AUSEA technology, the French firm said in a statement. OIL recently joined the Oil and Gas Decarbonization Charter (OGDC), a global industry initiative launched at COP28, co-chaired by TotalEnergies' CEO. The OGDC's ambition is to work towards net-zero operations by 2050, as well as near-zero upstream methane emissions and zero routine flaring by 2030. Moreover, OGDC members are committed to measuring and publicly reporting progress. "In line with the OGDC's principle of sharing good practices, TotalEnergies makes this technology available to other operators among the signatories, as an effective and recognized tool to detect, measure and eventually abate methane emissions on their own assets," the statement said. Mounted on a drone, the AUSEA gas .
Oil India stock price gained after the company announced that TotalEnergies and Oil India has signed a Cooperation Agreement to carry out methane emissions detection and measurement campaign
Oil India shares also are trading ex-dividend today, following the interim dividend announcement of Rs 3 per share for the financial year 2024-25
PSU stocks such as ONGC, HAL, Oil India, SJVN and BEL have retraced up to 50% of its previous rally; tech charts indicate that as long as the recent lows are protected a bounce back seems likely.
Company's board approves three joint ventures, announces Rs 3 interim dividend
Q2 results today, November 5: GAIL India, Oil India, Merger Paints, Mankind Pharma, and Saregama will be releasing their earnings report for the July-September quarter on Nov 5
Amid weak crude oil prices, the share price of Oil India has declined 23 per cent from its record high level of Rs 767.30 touched on August 30.
In one month, ONGC (down 6%) and Oil India (down 17%) have underperformed the Sensex, which down less than 1% as the lower crude price momentum has led to correction in state-owned upstream companies.
ONGC, Oil India, GNFC, Tata Chemicals and Sun Pharma are among the 9 stocks that could rally up to 20%, suggests technical charts. Check key support and resistance levels for these stocks here.