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Business News/ Markets / Stock Markets/  HPCL, BPCL, IOCL gain up to 5%; Nifty Oil & Gas Index rises 1.5%
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HPCL, BPCL, IOCL gain up to 5%; Nifty Oil & Gas Index rises 1.5%

Stock Market Today- Hindustan Petroleum Corporation, Bharat Petroleum Corporations, Indian Oil saw their share prices rise up to 5% leading the gains for Nifty Oil & Gas index . Nifty Oil & Gas Index gained more than 1.5%%.

HPCL, BPCL, IOCL share price gain up to 5%; lead gains for Nifty Oil & Gas Index up 1.5%Premium
HPCL, BPCL, IOCL share price gain up to 5%; lead gains for Nifty Oil & Gas Index up 1.5%

Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation Ltd (IOCL) saw their share prices rise up to 5% leading the gains for Nifty Oil & Gas index . Nifty Oil & Gas Index  gained around 1.6%.

Bharat Petroleum Corporation stood amongst largest gainers in Nifty -50 Stocks with gains of close to 3% .  Indian Oil Corporation was also not far behind with share price gaining 2-3%.

Hindustan Petroleum Corporation share prices nevertheless rose close to 5% during intraday trades on Wednesday.

The rally Bharat Petroleum , Hindustan Petroleum, Indian Oil share prices is likely to have been led by some softness in crude prices seen over past two sessions as Brent Crude dipped below $90 a barrel levels.

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The Oil Marketing Companies as Bharat Petroleum , Hindustan Petroleum, Indian Oil have seen pressure on their share prices in the recent past led by the rise in the Brent crude prices  beyond $90 a barrel on geopolitical worries.

The rising Crude prices not only impact the margins the OMCs as Bharat Petroleum , Hindustan Petroleum, Indian Oil earn on selling fuel from retail outlets it also raises their working capital requirements.

The analysts say that while volatility in crude prices still is not ruled out , nevertheless the impact also is likely to be temporary till election results are declared. The analysts at Antique Stock Broking had said that they believe petrol and  diesel price revision will resume post the elections and OMCs will recover any under-recoveries on a full-year basis.

Meanwhile analysts expect OMCs as Bharat Petroleum , Hindustan Petroleum, Indian Oil to lead the Q4 show for Oil and Gas sector.

Analysts at Elara Securities India Pvt Ltd said that they "Expect Elara Oil & Gas universe (14 companies) to post a 10% sequential Ebitda growth in Q4 (estimated), driven by higher marketing margin by oil marketing companies ( as Bharat Petroleum , Hindustan Petroleum, Indian Oil ).

Also Read- Tata Steel, JSW ,Vedanta, Hindalco, SAIL share price rise up to 7%: Amongst top Nifty-50 gainers as metals pack shines

Bharat petroleum remains among Elara's 2 top picks in the Sector

Besides Hindustan Petroleum is pick of the month for Anand Rathi Research . They  advise traders to buy the stock in the range of 470 – 465 with a stop loss of 448 for upside target of 510.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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ABOUT THE AUTHOR
Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
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Published: 10 Apr 2024, 01:28 PM IST
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