D-Street Buzz: Oil & gas stocks gain led by BPCL, IOC; ONGC, HPCL jump 3-4%

The Indian stock market continues trading in the green but is off the day's high with Sensex is up 112.97 points or 0.32 percent at 34955.07, and the Nifty gained 36.20 points or 0.35 percent at 10325.10.

Among the sectors, the oil & gas space added over 2 percent. Oil prices rose on Friday, extending gains on optimism about a recovery in fuel demand worldwide, despite signs of a revival in US crude production. Brent crude futures rose 36 cents, or 0.9 percent, to USD 41.41.

Prices of petrol and diesel continued to move up for 20th day in a row with petrol prices at Rs 80.13 a litre in Delhi and diesel price was Rs 80.19 a litre.

The stocks to gain the most included BPCL, HPCL and Indian Oil Corporation which jumped 4-5 percent each followed by ONGC which added 3 percent and GAIL India which gained a percent.

However, global resaerch firm CLSA has maintained a sell call on Indian Oil Corporation with a target of Rs 65 per share and has raised FY21-22 EPS estimates by 9-16 percent.

Shares of IOC were one of the most active stocks on NSE in terms of volumes with 3,71,21,370 shares neing traded at 14:16 hours. The stock also witnessed spurt in volume by more than 1.50 times. It was trading with volumes of 2,494,121 shares, compared to its five day average of 1,409,742 shares, an increase of 76.92 percent.

BPCL share also witnessed spurt in volume by more than 1.04 times and was trading with volumes of 400,981 shares, compared to its five day average of 260,126 shares, an increase of 54.15 percent.