Amid geopolitical tension and subdued global economic growth, the Indian stock market showcased impressive resilience in 2023. On the other end of the spectrum was the Nifty Oil & Gas index, up 10%, giving the lowest returns. Geopolitical tension elevated oil prices, hit refining and marketing margins negatively. The recent months brought some relief as crude oil prices eased from $100 per barrel in September to approximately $80 per barrel. For the time being, improved marketing margins led by optimistic corporate earnings and a weak outlook on oil prices should fuel growth.

Source: Mint December 25, 2023 02:18 UTC