Solar And Wind Stocks Rise Up To 14% As Crude Near $100 Boosts Renewable Energy Shares

Renewable energy stocks surged on March 13, with several solar and wind companies rising between 3% and 14% even as benchmark indices declined during the session, as higher crude oil prices and geopolitical tensions in West Asia increased investor interest in alternative energy companies, according to Reuters.

At around 1:00 pm, the BSE Sensex was down more than 500 points or 0.65% at about 76,360, while the Nifty 50 fell nearly 150 points to trade slightly above 23,700. Market data from the National Stock Exchange of India showed renewable energy stocks moving higher despite weakness in the broader market.

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Renewable energy stocks surged on March 13, with several solar and wind companies rising between 3% and 14% even as benchmark indices declined during the session, as higher crude oil prices and geopolitical tensions in West Asia increased investor interest in alternative energy companies, according to Reuters.

At around 1:00 pm, the BSE Sensex was down more than 500 points or 0.65% at about 76,360, while the Nifty 50 fell nearly 150 points to trade slightly above 23,700. Market data from the National Stock Exchange of India showed renewable energy stocks moving higher despite weakness in the broader market.

Renewable Energy Stocks Lead Market Gainers

Among the top performers, NTPC Green Energy rose about 13.8% during the session. Shares of Solex Energy gained nearly 13%.

KPI Green Energy advanced around 11.8%, while Saatvik Green Energy climbed approximately 7.9%.

Other renewable energy companies also recorded gains. Servotech Renewable Power System rose about 4.8% and ACME Solar Holdings increased more than 4%.

Wind energy company Inox Wind gained nearly 4% during the session. Additional advances were recorded in Suzlon Energy, Vikram Solar, and Indian Renewable Energy Development Agency, which rose between 2% and 3.5%.

Crude Oil Price Surge Amid Middle East Tensions

Brent crude oil prices have risen to near $100 a barrel after reports of shipping disruptions and attacks on ships near the Strait of Hormuz, a major oil shipping route, reported Reuters.

The Strait of Hormuz plays an important role in the transportation of global oil exports. Hence, any disturbance in the oil route may impact oil prices. Rising oil prices have led to a volatile environment in conventional energy stocks during the week.

Broad Market Under Pressure

Despite the positive sentiment prevailing in the renewable energy stocks, the broad market remained under pressure during the trading session. Most sectoral indices traded lower, reflecting weakness across several segments of the market.

At the same time, conventional energy companies also saw some gains. The Nifty Energy Index and Nifty Oil & Gas Index rose between 1% and 2% during the session, according to data from the National Stock Exchange of India.

Renewable energy companies continued to attract buying interest during the session, even as the benchmark indices remained in negative territory.