Shares of Oil & Natural Gas Corp (ONGC) gained over 2% intraday on Wednesday, July 8, emerging as the top performing stock in the Nifty 50 pack whike defying the broader bearish trend in the domestic stock market. Shares of the state-run oil & gas explorer traded higher despite the stock market crash amid renewed US-Iran tensions that led to a spike in global crude oil rates by upto 5%. Apart from ONGC, shares of Wipro and Bajaj Auto also traded higher and were the top performing gainers in the Nifty pack.
On Wednesday, shares of ONGC opened at Rs 246.82 against a previous close of Rs 244.18 and extended gains to hit an intraday high of Rs 248.35 apiece on the NSE. This compared to a 1% decline in the NSE Nifty 50 benchark. ONGC shares have rallied 6% in one week and 5% on a year-to-date basis. The Maharatna PSU commands a market cap of Rs 3,10,732.90 crore, according to stock exchange data. ONGC is vertically integrated across the country's entire oil and gas industry.
ALSO READ: Oil Prices On July 8: Brent Crude Surges 4% To $78 After Trump Says Iran Ceasefire Is Over
ONGC share price intraday
Stock Market Crash: Nifty, Sensex extend losses over US-Iran tensions
The NSE Nifty 50 traded 489.05 points, or 2%, lower at 23,909.65, while the 30-share BSE Sensex was down 1,582.09 points, or 2.02%, at 76,598.63. All tracked sectoral indices traded lower, with Nifty PSU Bank falling 2.64% and Nifty Financial Services down 2.4%. Nifty Bank and Nifty Rural declined 2.33% each, while Nifty FMCG lost 2.29%. Nifty Metal, Pharma, Energy and IT also fell between 1.16% and 1.38%. Oil marketing companies also extended their losses.
Hindustan Petroleum Corp. fell 4.79%, Bharat Petroleum Corp. declined 3.46%, and Indian Oil Corp. lost 3.11%. The declines came as global crude oil prices rose amid renewed concerns over Middle East supply risks. Brent crude climbed as much as 4.2% to trade above $78 a barrel, while US benchmark West Texas Intermediate (WTI) rose above $74.8 per barrel.
The tracked losses across domestic and global markets continued after US President Donald Trump declared that the Iran ceasefire is over and said, "We attacked very powerfully last night against Iran." He announced that the strikes were retaliation for Iranian attacks on commercial vessels, adding: "Iran shot rockets at ships, that's why US hit back."
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