For Oil India stock, the consolidation zone around 480–490 is a key support, with the setup favouring further upside toward the 540–560 target zone in the near term, Shah said.
Budget 2026: With crude prices now averaging below $65 a barrel for a while, a potential hike in excise duty on petrol and diesel in Budget 2026 could pose a risk to India's OMCs, MOFSL said.
The company's revenue from operations in Q2 FY26 stood at Rs 1,21,570.90 crore, up 3.1 per cent from Rs 1,17,917.43 crore in the same quarter of the previous fiscal.
HSBC maintains 'Buy' ratings for BPCL, HPCL, and IOC, citing strong marketing margins and lower oil prices. Target prices for HPCL and IOC have been raised due to expected earnings growth.
IGL shares led the fall, tanking 4.11 per cent to Rs 194.80. It was followed by OMC stocks BPCL, HPCL and IOC, which declined 3.86 per cent, 2.80 per cent and 2.20 per cent, respectively.
OMC stocks: Emkay Global said it favors HPCL, followed by BPCL, and IOCL in that order, and reiterated 'Buy' with target prices of Rs 500, Rs 400 and Rs 170, respectively, on the three stocks.
OMC stocks: JM Financial said the risk-reward for OMCs namely BPCL, HPCL and IOC is not favourable given the PSUs' aggressive capex plans and as valuations are 20-30 per cent above historical averages.
Antique Stock Broking has raised its FY26/27 Ebitda estimates by 2 per cent each on higher refining throughput, cut in net debt, likely LPG compensation, and lower crude price assumption of $65 per barrel.
HPCL jumped 4 per cent to Rs 367.50. BPCL climbed 2.7 per cent to hit a high of Rs 281.80. IOC advanced 2.06 per cent to Rs 131.
Zomato, JFS shares: The entry of the two stocks are seen pushing Nifty's estimated FY26 EPS lower to Rs 1,171 from Rs 1,186, resulting in a rise in Nifty PE ratio to 20.2 times from 19.9 earlier, Nuvama suggested.
Ashika Global said that NTPC has found support at the 38.2 per cent retracement level of its entire rally from March 2020, indicating a potential bottoming out around the Rs 300 mark.





