OIL STOCKS TODAY: ONGC SHARES UP; IOC, RELIANCE, HP STOCKS PLUNGE ON CRUDE PRICE SURGE AMID MIDDLE EAST CONFLICT

Oil Stock Today After Crude Price Rise: The oil stocks rose sharply on Monday due to the uptick in crude prices amid the ongoing conflict in the Middle East after the US and Israel attacked Iran last week. ONGC and Oil India shares gained a bit while Reliance, Indian Oil, Hindustan Petroleum, and BPCL shares tumbled.

The COMEX Brent Oil price was up $5.2 or $7.29 to $78.18 per barrel. While on Multi Commodity Exchange (MCX), the crude prices soared over 8 per cent to Rs 6,593 per barrel (at around 11:54 AM). India Imports over 85 per cent of its oil needs, and a significant amount of them are traded from the Middle East. Meanwhile, the surge in oil prices would raise the export cost.

Also Read: Middle East Conflict: Experts Predict Heavy Volatility In Gold, Silver Prices; Could Bullion Rates Go Up?

Oil Stocks Today

ONGC Share Price: The shares of Oil and Natural Gas Corporation Limited were trading at Rs 282.40, up Rs 2,70 or 0.97 per cent.

Oil India Limited Share Price: Earlier, in the morning, the OIL shares were trading in green. At the time of writing, the oil company stocks were trading at Rs 481.30, down Rs 2.60 or 0.54 per cent.

Reliance Industries Share Price: RIL shares were at Rs 1,363, down Rs 30.90 or 2.22 per cent.

Indian Oil Corporation Shares: The IOC share price fell over 4 per cent amid selling pressure. The stock was trading at Rs 179.70, down Rs 7.77 or 4.14 per cent.

Hindustan Petroleum Share Price: Hindustan Petroleum Shares were trading at Rs 429.35, down Rs 9.40 or 2.14 per cent.

Meanwhile, gas stocks Petronet, GAIL, MGL, ATGL and IGL were trading significantly lower. The NIFTY OIL & GAS index was trading at 12,016.85, down 248 points or 2.2 per cent.

Also Read: Stock Market Outlook For Tomorrow: Indian Equity Indices To React Sharply On Middle East Conflict; Experts

Stock Market Today

The domestic equity indices plummeted nearly 2 per cent during the mid-hour. At the time of writing, Nifty50 was trading at 24,723.10, down 455.55 points or 1.81 per cent. Sensex was at 79,789.07, down 1498.12 points or 1.84 per cent.

Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.