Indian Oil Corporation Ltd was trading at ₹141.92, gaining 1.49% during the session as of 12:49 IST on the NSE. According to reports from Business Standard, this marks the third consecutive session of gains for the stock. The benchmark NIFTY was up around 0.52% on the day, quoting at 24,129.55, while the Sensex stood at 77,320.29, also up 0.52%.
Oil prices experienced their third consecutive decline as Brent futures lost 79 cents or 1.1% to $70.78 per barrel by 0642 GMT, while US West Texas Intermediate crude fell 84 cents or 1.2% to $67.74 per barrel. As reported by multiple sources, the decline was driven by progress in US-Iran talks on the Strait of Hormuz and expectations of increased OPEC+ supply. OPEC+ oil-producing countries are likely to agree to a further hike in their output targets from August when they meet on Sunday, according to sources.
As reported by Business Standard, Indian Oil Corporation Ltd has risen around 3.3% in the last one month. The Nifty Energy index, of which the company is a constituent, has gained around 1.37% in the same period and was currently quoting at 39,764.85, down 0.3% on the day. The stock's performance contrasts with broader market trends, as it has declined 4.02% over the past year, compared to a 5.02% drop in NIFTY and a 9.03% decline in the Nifty Energy index.
According to Business Standard, the volume in Indian Oil Corporation Ltd stood at 147.06 lakh shares during the session, compared to the daily average of 136.52 lakh shares in the last one month. The benchmark July futures contract for the stock was quoting at ₹142.75, up 1.44% on the day, indicating positive sentiment in the derivatives market as well.
