Energy relations between India, the world's third biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked
Nifty Energy Index has been consolidating in the range of 14,730 - 13,750 since August. The formation seems like triple-bottom and a breakout would mean can take the index to 15,000 mark
If the deal goes through, an IOCL-BPCL merger will be the third mammoth amalgamation of state-owned companies, excluding banks.
HPCL, BPCL, IOCL, Jet Airways, SpiceJet and InterGlobe Aviation were up in the range of 2% to 5%, as compared to 0.87% rise in the S&P BSE Sensex at 11:13 am.
At 10:50 am; the S&P BSE Oil & Gas index plunged 2.6% or 364 points at 13,810 points, as compared to 0.01% decline in the S&P BSE Sensex.
In past six months, OMC has underperformed the market by falling in the range of 14% to 26% as compared to 6% rise in the S&P BSE Sensex.
HPCL, BPCL and IOCL have gained between 3% and 4%, extending their past two day's gain on the BSE
In past one month, HPCL, Indian Oil and BPCL have underperformed the market by falling between 10% and 13% against 1.9% decline in Sensex.