Oil
Crude oil boom sparks rally! ONGC, Oil India shares soar even as Sensex slides
Mumbai/IBNS: Shares of Oil & Natural Gas Corporation Ltd. (ONGC) and Oil India Ltd. surged on Wednesday amid a sustained rise in global crude oil prices, media reports said.
ONGC shares rose around 2%, while Oil India gained nearly 4% in the first hour of trade.
The rally extended gains from previous sessions, during which ONGC and Oil India climbed 5.2% and 9.3% respectively.
Global oil prices have remained elevated amid ongoing protests in Iran and speculation over possible intervention by US President Donald Trump. Brent crude trading close to $66 per barrel reflects the recent surge in prices.
Oil prices had come under pressure last month due to growing expectations of a possible easing of the Russia–Ukraine conflict, but geopolitical tensions have once again pushed prices higher.
Meanwhile, broader markets traded lower on Wednesday morning. The BSE Sensex slipped around 200 points, while the NSE Nifty 50 hovered below the 25,700 mark at the opening bell.
More than an hour into the session, the weakness persisted, with Sensex down about 190 points and Nifty lower by 59 points.
Market sentiment remained cautious amid persistent foreign investor selling and firm crude oil prices, which continued to weigh on investor confidence.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
