Exploration stocks surge as oil prices rally on vaccine hope; ONGC up 4%
Shares of oil exploration & production companies were in focus on Wednesday in an otherwise volatile market as oil prices hit their highest level since March amid news flow related to smooth US presidency transition and encouraging developments on the Covid-19 vaccine front.
The stock of Oil and Natural Gas Corporation (ONGC) gained 6 per cent to hit a high of Rs 80.60, while Oil India was up nearly 4 per cent on the BSE in the intra-day trade. In comparison, the S&P BSE Sensex was down 0.45 per cent at 44,324 points at 11:09 am.
Among the other individual stocks, Alphageo (India) rallied 18 per cent to Rs 244 while Aban Offshore was locked in the upper circuit of 10 per cent at Rs 27.65 on the BSE. Jindal Drilling & Industries, Hindustan Oil Exploration and Selan Exploration Technology were up in the range of 5 per cent to 8 per cent.
