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Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall US drilling activity. Brent crude futures were at USD 65.04 per barrel, up 30 cents, or 0.5 percent.
Saudi oil minister Khalid al-Falih told Reuters on Sunday it would be too early to change OPEC+ output policy at the group’s meeting in April.
However, oil marketing companies including the likes of Hindustan Petroleum Corporation, Bharat Petroleum Corporation, Oil & Natural Gas Corporation and heavyweight Reliance Industries were all trading in the green by up to 6 percent.
The Energy index jumped over 2 percent with HPCL spiking 6 percent followed by BPCL which jumped over 4 percent. The other top movers included IOC, ONGC, GAIL India and Reliance Industries.
The S&P BSE Energy jumped over 2 percent HPCL, BPCL, Gujarat Gas, GP Petroleums, Indian Oil Corporation, Chennai Petroleum Corporation, Petronet LNG and Oil India Limited.
HPCL witnessed spurt in volume by more than 1.90 times while Petronet LNG saw spurt in volume by more than 1.08 times.
Technical Analyst Mitessh Thakkar of mitesshthakkar.com has recommended a buy on Petronet LNG with a stop loss of Rs 228 and target of Rs 245.
Research firm ICICIdirect.com also has a buy on Petronet LNG March 240 Call at Rs 4-4.50 with target at Rs 12 and stop loss at Rs 1.60 with a time frame till March expiry. It believes that the stock has started witnessing closure of short positions after a quite long consolidation near Rs 200.
Five-month high volumes were seen in the stock at Rs 230 levels at the start of February. Thereafter, it took its time and consolidated below these levels for a month. Now, once it has taken out these levels, a more pronounced up move is expected, the firm added.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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