Oil prices dropped for a fifth day on Thursday after official data showed a sustained rise in US crude and fuel inventories, while the ever-present pandemic clouded the demand outlook
Technical indicators suggest further upside in the S&P BSE Oil and Gas index towards 15,800 to 16,000 levels.
According to one analysis, about 6.9% of equity scheme assets were invested in energy firms, close to 12% in IT
Shares of Oil and Natural Gas Corporation (ONGC) rose as much as 4.6 per cent to hit an intra-day high of Rs 99.35 apiece on the BSE, while those of GAIL and BPCL gained up to 3.5 per cent
Oil futures fell sharply on Tuesday, with Brent tumbling below $40 a barrel for the first time since June.
Reliance Industries' higher cost efficiencies and diversified business model will prove helpful
Among paint stocks, Asian Paints was trading nearly 4 per cent lower at Rs 1,543 apiece
Iran's missile attacks on the Ain Al-Asad airbase and another in Erbil, Iraq, early Wednesday came hours after the funeral of an Iranian commander whose killing in a US drone strike has raised fears
Brent crude futures fell 4.4 per cent, or $3.49, to $76.34 a barrel by 12:23 p.m. EDT (1521 GMT) after plunging to $75.88, the lowest since Sept 7
For India's most valuable company, RIL may be seeing some softness in refining business due to decline in the benchmark gross refining margins
Indraprastha Gas, Petronet LNG and Mahanagar Gas too hit 52-week high on the BSE in intra-day trade.