Shares of state-owned oil exploration company – Oil and Natural Gas Corporation (ONGC) rose 4.51% to a new 52-week high of Rs 134.30 on BSE following soaring oil prices. crude oil on the international market. The price of Brent crude oil on the international market was hovering around its psychologically significant level of $ 75. Brent crude futures rose 0.94% to an intraday high of $ 74.62 per barrel. On the Multi Commodity Exchange, crude oil futures for October delivery rose 0.4% to 5,231 rupees per barrel.
Oil prices rose on Tuesday as analysts pointed to signs of tightening U.S. supply, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis of the heavily indebted real estate group China Evergrande. The contract for West Texas Intermediate (WTI), which expires later Tuesday, rose 69 cents or 1% to $ 70.98 after falling 2.3% in the previous session.
Meanwhile, ONGC was the top winner in the Nifty 50 stock basket in an otherwise weak market. With today’s gain, ONGC reached a market cap of Rs 1.66 lakh crore, data on BSE showed. ONGC shares saw higher than usual trading volumes as 15.29 lakh shares changed hands on the BSE, compared to an average of 14.27 lakh shares traded daily in the past two weeks. .
On the National Stock Exchange, more than 1.4 crore of ONGC shares changed hands within an hour of market opening.
ONGC has gained 44% so far this year, massively outperforming the Nifty 50 index which has gained 25%.
At 10:06 am, ONGC shares were trading 2.92 percent higher at Rs 132.25, outperforming the Sensex which was trading on a flat note.