The Nifty Oil & Gas index demonstrated resilience on Friday, trading 0.25% higher as of 11 AM despite broader market weakness. According to reports from Business Standard, this performance contrasted sharply with the benchmark Nifty 50 index's 0.40% decline. The sector outperformed as 9 of 15 index constituents advanced, with upstream oil and refining companies leading the gains. Latest global markets showed mixed performance, with Japan's Nikkei (.N225) slipping 0.2%, Hong Kong's Hang Seng (.HSI) dropping 0.6%, while South Korea's KOSPI (.KS11) jumped 1.6% and Taiwan's TAIEX (.TWII) rose 0.6%. Brent crude futures climbed to a six-week high, crossing above $99 a barrel after Iran-backed Houthi militants struck Saudi energy infrastructure, while West Texas Intermediate futures settled at $94.63, gaining 1.6% on the session.
ONGC emerged as the standout performer, rising as much as 2.21% to hit an intraday high of ₹242.25 on Friday, September 11, as crude oil prices climbed towards $110 a barrel. As reported by NDTV Profit, the stock was trading 1.94% higher at ₹241.60 at 9:24 AM, even as the broader market remained under pressure with the BSE Sensex down 0.85% at around 74,269. Oil India also surged 3% on Thursday's trading session, with shares trading 2.5% higher at ₹511.35, approaching its 52-week high of ₹531 touched on May 14, 2026. Chennai Petroleum Corporation Ltd (CPCL) had previously emerged as the standout performer, surging more than 5% to ₹1,532 around 11 AM, while Mangalore Refinery and Petrochemicals Ltd (MRPL) followed with a 3.3% gain to ₹178.50.
Oil marketing companies showed mixed performance with Indian Oil trading 0.40% higher at ₹134.90. According to Business Standard, BPCL and HPCL shares slipped 0.10% each to trade at ₹303.75 and ₹346.50 respectively. The divergent performance between upstream and downstream oil companies reflects different market dynamics and investor sentiment toward various segments of the energy sector.
Oil prices extended gains as escalating tensions between the U.S. and Iran fueled concerns over further disruptions to Middle East energy supplies. Brent crude futures crossed the $100 threshold, adding more than $1.57 to touch $99.49 a barrel, marking the highest level since late June. U.S. West Texas Intermediate futures for November delivery jumped $1.60 to $94.63 a barrel. The conflict intensified as the U.S. military destroyed multiple Iranian oil tankers on Tuesday in retaliation for attempted attacks on an American warship, with the U.S. warship successfully evading Iranian attack and no American personnel harmed. Iran-backed Houthi militants in Yemen launched strikes on several Saudi cities on September 8, with AJ Bell's head of markets noting that "Brent crude is at a six-week high, with apparent moves toward a deal between Iran and Oman to manage the flow of some shipping through the Strait of Hormuz merely underlining Tehran's control of the waterway."
ONGC reported a sharp sequential improvement in its June-quarter performance, supported by stronger operational performance. The company's consolidated net profit surged to ₹17,034 crore in Q1, compared with ₹6,650 crore in the March quarter. Revenue from operations rose 29.3% quarter-on-quarter to ₹46,460 crore, from ₹35,928 crore in the preceding quarter. At the operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled to ₹28,355 crore from ₹12,666 crore in the previous quarter. As a result, the company's EBITDA margin expanded sharply to 61% from 35.3%. However, other income declined to ₹1,861 crore in the June quarter from ₹2,628 crore in the preceding three months.
