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Market Now: Oil & gas stocks under pressure; Oil India, GAIL down up to 3%

NEW DELHI: Shares of oil marketing companies were seen under..

NEW DELHI: Shares of oil marketing companies were seen under pressure in Monday's trade after crude prices strengthened in global market.

The BSE Oil & Gas index was trading 0.35 per cent down at 16,185 around 10:55 am (IST), with shares of Oil India (down 2.76 per cent), GAIL (India) (down 2.35 per cent) and Hindustan Petroleum Corporation (down 1.55 per cent) as the top losers.

Shares of Oil and Natural Gas Corporation (down 1.13 per cent), Bharat Petroleum Corporation (down 0.34 per cent) and Indraprastha Gas (down 0.05 per cent) were also in the red.

However, Castrol India (up 1.99 per cent), Petronet LNG (up 1.56 per cent), Reliance Industries (up 0.86 per cent) and Indian Oil Corporation (up 0.77 per cent) were trading up around that time.

Equity benchmarks were trading up buoyed by improved GST revenue for December. Market participants widened their bets following beginning of the February series in the derivatives segment.

The NSE Nifty50 and BSE Sensex hit fresh record highs of 11,157 and 36,394, respectively, in Monday's trade.

The BSE Sensex was 320 points up at 36,371, while the NSE Nifty50 index was 84 points up at 11,153.

Among the 50 stocks in the Nifty50 index, 36 were trading in the green, while 14 were in the red.

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