Energy index spikes over 3% led by ONGC, BPCL, HPCL; US, China to restart talks | Ethical Research Market Updates

Nifty Energy zoomed over 3 percent intraday on Thursday with oil marketing companies being the top gainers. 

 

Oil prices rose on September 5, rebounding from earlier losses, after the US confirmed that talks with China, to reach a trade agreement, would be held in the coming weeks, giving hope that a dispute that has roiled global economies will be resolved.

 

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The gains add to a surge in prices on September 5 that had been driven by a survey which showed activity in China’s services sector expanded at the fastest pace in three months in August, as new orders rose in the world’s second-biggest consumer of oil. Brent crude was up 21 cents, or 0.4 percent, at USD 60.91 a barrel.
On the domestic front, Nifty Energy zoomed over 3 percent intraday on Thursday. Oil marketing companies were the top gainers. Oil & Natural Gas Corporation spiked over 7 percent followed by BPCL and HPCL which jumped 5 percent each. The other gainers included Indian Oil Corporation, NTPC, Power Grid and Reliance Industries.
Oil prices fell on Thursday, giving up some of the strong gains of the previous session, after an industry report showed US crude stockpiles rose last week, against analyst expectations of a decline.

At 10:20 hrs Oil and Natural Gas Corporation was quoting at Rs 128.40, up Rs 9.35, or 7.85 percent. Bharat Petroleum Corporation was quoting at Rs 383.50, up Rs 20.00, or 5.50 percent while Hindustan Petroleum Corporation was quoting at Rs 273.00, up Rs 15.95, or 6.21 percent.
Reliance Industries was quoting at Rs 1,205.00, up Rs 3.45, or 0.29 percent and Indian Oil Corporation was quoting at Rs 128.35, up Rs 8.00, or 6.65 percent.