International LNG prices have fallen sharply from their highs in 2022 but are “still unaffordable for many customers in India, especially power plants,” said GAIL chairman and managing director Sandeep Kumar Gupta, adding that the domestic demand will pick up once prices drop further.

GAIL (India), incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 75975.28 Crore) operating in Gas & Petroleum sector.

India's Coal Ministry plans to allocate INR 6,000 crore ($810.5m) and draw up a comprehensive programme to promote coal gasification projects to reduce the country's reliance on natural gas, methanol, ammonia and other imports. The scheme, which has a target of achieving coal gasification of 100 million tonnes of coal by 2030, is divided into three segments that provide budgetary support to government and private entities.

"Overall, we expect sectoral rotation in the market, while the Index is likely to remain in the consolidation zone with the ongoing result season," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Indian equities hit new record highs for the fourth consecutive session due to foreign fund inflows and optimistic investor sentiments. However, broader markets took a break, whilst auto and realty, private bank, and oil and gas sectors finished in the red. Nifty gained 66 points and stood at 19,389 points at the end of the day. Analysts have warned of a potential downturn, as the Nifty ended its session with a “Hanging Man” candlestick pattern and hinted at a short-term reversal if the low of the candle was breached.

Several stocks including Gujarat State Fertilizers & Chemicals, Marico, and GAIL (India) showcased significant progress by crossing their 50-day Simple Moving Average (SMA) on July 5, 2023, indicating positive trend reversals. Other standout performers were Godfrey Phillips India, Indraprastha Gas, Triveni Engineering & Industries, NMDC, Deepak Fertilisers & Petrochemicals Corporation, and Adani Green Energy.

A total of 366,971 shares changed hands on the counter till 10:57AM (IST).