ONGC shares rose nearly 1 per cent to extend their gains for the fourth straight day, tracking the rising trend in global crude prices. Including today, ONGC shares are up over 4 per cent in last four sessions, outperforming the Nifty, which is unchanged.
Crude oil prices have nearly doubled since hitting decade lows in early 2016 as strong demand and supply disruptions erode a glut that had pulled down prices by as much as 70 per cent between 2014 and early 2014.
On Thursday, Brent crude prices ended near the highest level of the year at $52 per barrel.
The uptrend in crude oil prices has led investors to bet on upstream oil companies like ONGC. Analysts expect ONGC's margin and profitability to improve in the coming quarter.
ONGC's underperformance in last one year is another reason for the buying in the stock, traders say. ONGC shares have fallen over 26 per cent in last one year as compared to nearly 3 per cent gains in the broader Nifty.
Other upstream oil companies like Cairn India and Reliance Industries have also witnessed buying in last few days.
ONGC shares witnessed profit booking and closed 1.1 per cent lower at Rs 218.20 compared to 0.4 per cent fall in the broader Nifty.
ONGC shares rose nearly 1 per cent to extend their gains for the fourth straight day, tracking the rising trend in global crude prices. Including today, ONGC shares are up over 4 per cent in last four sessions, outperforming the Nifty, which is unchanged.
Crude oil prices have nearly doubled since hitting decade lows in early 2016 as strong demand and supply disruptions erode a glut that had pulled down prices by as much as 70 per cent between 2014 and early 2014.
On Thursday, Brent crude prices ended near the highest level of the year at $52 per barrel.
The uptrend in crude oil prices has led investors to bet on upstream oil companies like ONGC. Analysts expect ONGC's margin and profitability to improve in the coming quarter.
ONGC's underperformance in last one year is another reason for the buying in the stock, traders say. ONGC shares have fallen over 26 per cent in last one year as compared to nearly 3 per cent gains in the broader Nifty.
Other upstream oil companies like Cairn India and Reliance Industries have also witnessed buying in last few days.
ONGC shares witnessed profit booking and closed 1.1 per cent lower at Rs 218.20 compared to 0.4 per cent fall in the broader Nifty.
ONGC shares rose nearly 1 per cent to extend their gains for the fourth straight day, tracking the rising trend in global crude prices. Including today, ONGC shares are up over 4 per cent in last four sessions, outperforming the Nifty, which is unchanged.
Crude oil prices have nearly doubled since hitting decade lows in early 2016 as strong demand and supply disruptions erode a glut that had pulled down prices by as much as 70 per cent between 2014 and early 2014.
On Thursday, Brent crude prices ended near the highest level of the year at $52 per barrel.
The uptrend in crude oil prices has led investors to bet on upstream oil companies like ONGC. Analysts expect ONGC's margin and profitability to improve in the coming quarter.
ONGC's underperformance in last one year is another reason for the buying in the stock, traders say. ONGC shares have fallen over 26 per cent in last one year as compared to nearly 3 per cent gains in the broader Nifty.
Other upstream oil companies like Cairn India and Reliance Industries have also witnessed buying in last few days.
ONGC shares witnessed profit booking and closed 1.1 per cent lower at Rs 218.20 compared to 0.4 per cent fall in the broader Nifty.
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