MRPL, Chennai Petroleum, OIL, ONGC, Adani Total surge up to 6%: Key things to know

Shares of some oil and gas companies rallied during the intraday trade as prices of oil edged down on Thursday, March 13.

Both benchmarks rallied about 2% on Wednesday as US government data showed tighter than expected oil and fuel inventories, the report further said.

US President Donald Trump on Wednesday threatened to escalate a global trade war with further tariffs on European Union goods, as major US trading partners said they would retaliate for trade barriers already erected by Trump.

Another report from the agency stated that India's Russian oil imports recovered in March, returning to near usual levels after a 3-month decline, as non-sanctioned vessels were delivering cargoes, while some supplies were diverted from Turkey.

Among the Nifty Oil and Gas sector, Oil India, Adani Total Gas, Gujarat Gas, ONGC and Indian Oil Corporation were the biggest contributors, rising over 3% during intraday trade.

Shares of the above mentioned stocks were outperforming the Nifty Oil and Gas index, which was trading 0.30% lower during the intraday period.

Other firm shares like Chennai Petroleum Corporation and Mangalore Refinery and Petrochemicals (MRPL) were also trading higher by 3.16% and 6.8%, respectively.

The BSE Oil and Gas index also slipped 0.23% during Thursday’s day trade.

On BSE, OIL, Adani Total Gas, ONGC and Indian Oil Corporation were the most contributing ones, advancing as much as 2.67%.