On Dalal Street, shares of oil marketing companies gained nearly 7 per cent, with Hindustan Petroleum Corporation leading the gains.
India's three state-run fuel retailers earned a combined standalone net profit of Rs 30,106 crore in the July-September quarter, nearly 39 per cent of their annual earnings, after a refining margin boost and inventory gains helped more than offset losses on fuel sales and a mounting unpaid LPG subsidy bill. The combined profit of Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) is 68.3 per cent more than their earnings in the same period last year and a swing from a combined loss of about Rs 18,150 crore in the previous April-June quarter, according to company filings. The July-September quarter alone equals about 39 per cent of the three companies' combined FY26 (April 2025 to March 2026 financial year) profit of Rs 77,281 crore. The boost in earnings came despite petrol and diesel prices remaining on freeze since May and unchanged domestic LPG rates since March, despite a surge in benchmark prices and input crude
Aditya Birla Group forayed into the wires and cables market with an investment of ₹1,800 crore. The new business will operate through its cement arm UltraTech Cement, under the Ultravolt brand.
OMC stocks representing the state-run Oil Marketing Companies, including BPCL, HPCL, and IOCL, will also remain in focus on Wednesday after Brent crude prices spiked to $96/barrel
Easing geopolitical tensions in West Asia and a sharp fall in crude oil prices lifted sentiment for oil marketing companies.
Sensex Today | Stock Market LIVE Updates Thursday: The GIFT Nifty indicated a gap-down open for the Nifty50 index. Most Asian markets advanced, tracking overnight gains on Wall Street
The state-owned refiner's Q1FY27 results came under pressure due to a net loss of ₹12,264 crore in Q1FY27, compared to a profit of ₹4,110 crore in Q1FY26.
Oil prices slipped to a two-week low on Monday amid optimism over a potential US-Iran agreement
Analysts have revised their forecasts for oil & gas prices for the remaining part of 2026 as developments in West Asia continue to unfold.
UBS' Global Oil team has also raised their near-term oil price forecasts, Q1-26E to $71/bbl (around $80/bbl for March), and the average for 2026 to $72/bbl
Kunal Kamble, technical analyst at Bonanza helps decode a trading strategy in oil & gas related stocks as Crude Oil prices surge to a multi-year high around $119 per barrel on Monday.
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.