BSE Oil and Gas Index Falls 1% as HPCL, BPCL, Petronet LNG Lead Losses; Asian Paints, IndiGo Fall Up to 4% on Crude Surge

BSE Oil and Gas index down 1% on 8 Jul 2026. HPCL down 3.57-4.13%, BPCL down 3.52-3.87%. Petronet LNG, IOC, Reliance also fall. Asian Paints, IndiGo down up to 4% as Brent nears $76.

Updated: 8 Jul 2026 • 10:57 am

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BSE Oil and Gas Index Falls 1% as HPCL, BPCL, Petronet LNG Lead Losses; Asian Paints, IndiGo Fall Up to 4% on Crude Surge

The BSE Oil and Gas index slipped about 1 percent in intraday trade on Wednesday, 8 July 2026, as oil marketing companies came under heavy selling pressure after Brent crude climbed close to $76 a barrel. HPCL, BPCL and Petronet LNG led the losses among the index constituents, while Asian Paints and IndiGo also fell sharply on the same crude driven cost concerns.

Among OMCs, BPCL dropped 3.87 percent to Rs 301.80, while HPCL declined 4.13 percent to Rs 389.20, as fresh US strikes on Iran pushed oil prices to their highest levels in nearly a week, deepening the BSE Oil and Gas index decline.

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BSE Oil and Gas Index: Top Stock Losers Today

Company	CMP	Chg(%)	Volume
HPCL	Rs 391.25	-3.57 percent	270.67k
BPCL	Rs 302.80	-3.52 percent	267.00k
Petronet LNG	Rs 273.10	-2.25 percent	26.32k
IOC	Rs 139.10	-2.21 percent	1.06m
Reliance	Rs 1,283.70	-1.76 percent	262.47k
GAIL	Rs 172.75	-0.72 percent	21.52k
IGL	Rs 152.15	-0.20 percent	103.40k

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Why OMC and Oil Linked Stocks Are Falling Today

Rising crude prices squeeze the marketing margins of oil marketing companies, since fuel retail prices in India are not always adjusted in step with global crude moves. HPCL and BPCL, which rely heavily on refining and retail fuel sales, are typically the most sensitive to sharp crude spikes, explaining their sharper declines compared to upstream heavyweight Reliance.

The pressure has spread beyond the BSE Oil and Gas index. Asian Paints, which uses crude derivatives as key raw material inputs, and IndiGo, which faces higher aviation turbine fuel costs, both fell up to 4 percent, underlining how broadly a crude oil shock ripples through the market.

What Should Investors Watch in the BSE Oil and Gas Index

Investors tracking the BSE Oil and Gas index should watch the trajectory of Brent crude, any government intervention on fuel retail pricing, and Q1 FY27 refining margins for OMCs. A sustained crude rally above $76 a barrel would likely keep pressure on marketing margins and oil linked stocks in the near term.

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Conclusion

The BSE Oil and Gas index fell about 1 percent on 8 July 2026, with HPCL, BPCL and Petronet LNG among the top losers as Brent crude neared $76 a barrel on fresh US Iran tensions. Asian Paints and IndiGo also fell on the same crude driven cost pressure. Investors should track crude prices and consult a SEBI registered advisor before trading oil linked stocks.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions FAQs

Why did the BSE Oil and Gas index fall today?

Ans. The BSE Oil and Gas index fell about 1 percent on 8 July 2026 as oil marketing companies came under pressure after Brent crude climbed close to $76 a barrel on renewed US strikes on Iran.

What sectors does the BSE Oil and Gas index track?

Ans. The BSE Oil and Gas index tracks companies across refining, marketing, upstream exploration and city gas distribution, including HPCL, BPCL, Reliance, IOC, GAIL and Petronet LNG.

Which OMC stocks fell the most today?

Ans. HPCL fell 3.57 to 4.13 percent to around Rs 391, and BPCL dropped 3.52 to 3.87 percent to around Rs 302, making them the top losers on the BSE Oil and Gas index.

Why do oil marketing companies fall when crude prices rise?

Ans. Rising crude prices squeeze marketing margins for oil marketing companies because domestic fuel retail prices are not always adjusted in step with global crude moves, hurting their profitability.

Why did Asian Paints and IndiGo also fall today?

Ans. Asian Paints uses crude derivatives as raw material inputs and IndiGo faces higher aviation turbine fuel costs, so both stocks fell alongside oil marketing companies as Brent crude neared $76 a barrel.

What is the current price of BPCL and HPCL?

Ans. BPCL was trading around Rs 301.80 to Rs 304.05 and HPCL around Rs 389.20 to Rs 392.70 on 8 July 2026, both down more than 3 percent intraday.

Should investors buy OMC stocks after today’s fall?

Ans. A single day decline driven by crude prices is not a standalone buy signal. Investors should track crude oil trends, Q1 FY27 refining margins and government fuel pricing policy, and consult a SEBI registered investment advisor before investing.