Oil and gas stocks gain on strong growth hopes

Oil and gas stocks gain on strong growth hopes

Share prices of oil and gas companies closed the session on a high note on Monday after brokerages and corporate rating agencies said that earnings growth in Q4FY18 will largely be driven by commodity markets, wherein oil & gas would be one of the sectors driving the growth.

The S&P BSE Oil & Gas index ended the session 1.52% higher at 15,048.92 points and the S&P BSE Energy index ended the session 1.14% higher at 4,060.33 points on Monday, even as the benchmarks, Sensex and Nifty, ended the day with moderate gains of just under 0.5%.

“We expect a 10% y-o-y growth in earnings in Q4, largely driven by strength in commodities sectors (oil & gas and steel) and domestic autos (excluding JLR),” Surendra Goyal, analyst at Citi, said in a report. Read More

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