The Nifty Oil & Gas Index has underperformed the broader market over the six months since the West Asia conflict involving Iran, the US and Israel began on February 28, 2026, as elevated crude oil prices, supply disruptions and uncertainty surrounding the closure of the Strait of Hormuz weighed differently across the sector.
The last trading session before the conflict began was February 27, 2026, when the Nifty Oil & Gas Index closed at 12,264. As of the latest close, the index stood at 12,264, marking a decline of 9% over the period. In comparison, the benchmark Nifty 50 has fallen 3.85%, declining from 25,178 on February 27 to 24,219, indicating that the oil and gas index has underperformed the broader market during the six-month period.
However, the sector's headline performance masks a sharp divergence among individual stocks. While state-run oil marketing companies (OMCs) and some upstream players came under pressure, select logistics, gas and refining companies delivered strong gains.
Aegis Logistics leads the pack
Aegis Logistics emerged as the best-performing stock in the Nifty Oil & Gas Index, gaining 94.86% since February 27. Chennai Petroleum Corporation followed with a 46.8% gain, while Adani Total Gas advanced 24.92%.
Aegis Vopak Terminals also delivered double-digit returns, rising 18.52% over the period. GAIL (India) gained 2.49%, while Castrol India remained largely unchanged.
At the other end of the spectrum, state-run OMCs were among the biggest laggards. Indian Oil Corporation declined 26.12%, followed by Bharat Petroleum Corporation, down 19.07%, and Hindustan Petroleum Corporation, which fell 15.23%.
Among upstream companies, Oil & Natural Gas Corporation (ONGC) declined 15.43%, while Oil India fell 1.43%. Indraprastha Gas declined 13.54%, Petronet LNG fell 8.49%, Mahanagar Gas lost 7.55%, and Reliance Industries declined 6.03%.
