Oil India, ONGC, Hindustan Oil, Antelopus shares tumble up to 9%; here’s why

Shares of upstream oil producers Oil India Ltd, Oil and Natural Gas Corporation (ONGC) Ltd, Hindustan Oil Exploration Company Ltd and Antelopus Selan Energy Ltd came under selling pressure during Wednesday’s trading session.

Oil India slumped 11.10 per cent to Rs 423.25, while ONGC declined 2.91 per cent to Rs 251.55 on BSE. Hindustan Oil fell 4.86 per cent to Rs 174.10, whereas Antelopus dropped 4.99 per cent to Rs 810.

The weakness in the two stocks came amid a decline in international crude oil prices. Brent crude was trading 48 cents or 0.52 per cent lower at $90.97 per barrel on Wednesday afternoon, while US benchmark West Texas Intermediate (WTI) remained below the $88-per-barrel mark.

Commenting on the broader market impact of crude prices, Rajesh Palviya, Head of Research at Axis Direct, said, “For domestic markets, crude oil remains the most critical variable. Brent crude has cooled from recent highs, offering some relief on inflation, the current account deficit and the rupee outlook. However, risks to Red Sea shipping routes and any escalation in the West Asia conflict could quickly reverse this trend and trigger volatility across global markets.”

On the market outlook, Palviya added, “Looking ahead, the undertone remains cautiously constructive. Nifty50 has managed to hold above the 23,000 mark, but sustained strength will require a decisive breakout above the 23,300 resistance zone. A move beyond this level could open the path towards 23,400–23,500 in the near term. On the downside, immediate support is placed at 23,050, followed by the crucial 23,000 level, and any breach could invite profit booking towards 22,900.”

Meanwhile, Ankur Punj, MD & Business Head at Equirus Wealth, noted that while near-term sentiment may remain subdued, the underlying structural growth story for Indian equities remains intact.

He also stated that disciplined long-term investing continues to be the most effective strategy for wealth creation.