Market commentary : Markets in red after Israel's attack on Iran; ONGC, Oil India gain; Reliance Industries, IOC lose

Indian equity markets are in red, following Israel’s strike against Iran. At 10:50 a.m. Indian Standard Time, 13^th June, 2025, Nifty 50 is down by 215 points or 0.86%. Sensex is down by 713.8 points or 0.87%.

Top gainers & losers

Just 7 stocks out of the 50 stocks at Nifty 50 are in green at this time. Top 3 gainers at this time are BEL, ONGC and Wipro. Top 3 losers at this time are SBI Life, Shriram Finance and Ultratech Cement. All the broader market indices are in red at this time. Nifty 100 index is the top loser at this time among broad market indices. It is down by 0.82%.

Oil & Gas producers gain, but refiners and oil marketing companies lose

All the sectoral indices are in red at this time, except for Nifty IT and Nifty Midsmall IT & Telecom indices. Nifty Oil & Gas index is the top loser at this time. It is down by 1.18%. After Israel’s attack on Iran, oil prices jumped up by more than 11%. Higher oil prices are beneficial for oil & gas exploration and production companies such as ONGC & Oil India. But they hurt oil marketing companies such as Indian Oil & Bharat Petroleum. The decline in the stock prices of oil & gas marketing companies has caused the Nifty Oil & Gas index to fall down.

At this time, Indian Oil’s stock price is down by 0.91%. It is trading at Rs 141.69. Bharat Petroleum’s stock price is down by 2.70%, at Rs 310.05. Indraprastha Gas’ stock price is down by 3.51%. ONGC’s stock price is up by 0.88%. It is trading at Rs 250.05. Oil India’s stock price is up by 2.05%. It is trading at Rs 477.95.

Reliance Industries stock price down by more than 1%

Reliance Industries’ stock price is also down by 1.54% at this time. Reliance Industries runs the biggest oil refinery in the world. It is a buyer of crude oil. Higher crude oil prices, that are not caused by increase in demand, but disruption in supply may adversely impact its refining margins.

Meanwhile, Iran has said that it will retaliate against both Israel and America. America has officially denied any involvement in Israeli strikes against Iran.

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Source: NSE