Reliance Industries Ltd (RIL), Indraprastha Gas (IGL), and Petronet stocks fell over 7 per cent on Thursday, as Brent crude oil prices hit the $100/bbl mark since 2012. S&P BSE Oil & Gas index plunged 4.3 per cent to a day’s low 16,722 levels. Analysts say that the current Russia-Ukraine crisis would lead to a rise in oil prices, higher than the current levels. “High crude prices could delay the cool-off in inflation, which was expected to moderate by the second half of 2022,” Naveen Kulkarni, Chief Investment Officer, Axis Securities.

So far in the trade, RIL stock lost 4%, IGL shares cracked 7.3 per cent, and Petronet stock price declined 6.4 per cent. Bharat Petroleum Corporation (BPCL), and Indian Oil (IOL) were down 4-5 per cent.

Analysts believe that this correction could be a buying opportunity. “Reliance may test Rs 2,250-2,200 levels. IGL may test Rs 310-300 levels, while Petronet may test Rs 175-170 levels in near term. Investors could use this correction for buying stocks on support levels for longer term. Indirectly in the war situation, FPIs may increase investments in India due to potential,” Anuj Gupta, Vice President, IIFL Securities, told FinancialExpress.com.

Following the global peers, Indian stock market benchmarks BSE Sensex and Nifty 50 crashed over 3.5 per cent, where the 30-share index gave up 56000 level and the NSE’s 30-stock index hit a day’s low of 16,435.85. “With the Russia-Ukraine crisis showing no signs of easing, equities especially oil & petroleum stocks are facing tremendous selling pressure due to crude oil scaling an 8-year high,” Pavitraa Shetty, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com

Shetty added that technically, a weekly close below Rs 2,300 could lead to Rs 2,250-2,140 in Reliance industries. “IGL looks very weak and a close below Rs 342 could lead to Rs 316-292 in the coming days with major resistance at Rs 364. Petronet LNG is at crucial support of Rs 192, below which Rs 175 remains a possibility. Resistance remains at Rs 225,” she said.

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