Crude oil boom sparks rally! ONGC, Oil India shares soar even as Sensex slides
ONGC and Oil India shares surged on Wednesday as global crude oil prices stayed firm.
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. Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India. Calcutta HC dismissed TMC’s case against ED in IPAC raid row giving jolt to TMC. Indian stock markets closed lower with Sensex falling 250 points, Nifty slipping below 25,750.
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ONGC shares rose around 2%, while Oil India gained nearly 4% in the first hour of trade.
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.NEH Report
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