Why did the ONGC share price jump today?

The surge followed a Reliance Industries MoU that lets both companies share deepwater rigs, vessels, and infrastructure across the KG basin and Andaman offshore. Markets expect lower costs and faster execution. The stock hit Rs 269.65 and traded at Rs 268.58, up 8.32%, on strong volume.

What are the near-term technical levels for ONGC?

Immediate resistance is around Rs 270–272. Supports sit at Rs 258–255 and the 50-day average near Rs 240.41. RSI is 43.94 with ADX at 27.34, indicating a strengthening trend. A sustained close above Rs 270 could open a path toward Rs 285–290.

How is ONGC valued after the move?

At Rs 268.58, ONGC trades at 9.23x TTM EPS of Rs 29.11 and about 0.85x price-to-book, with a dividend yield of 4.94%. These metrics remain reasonable for a large upstream player, leaving upside if cost reductions and production gains materialise.

What should investors track after India Energy Week 2026?

Focus on quantified cost savings from the MoU, drilling and tie-back timelines in KG basin deepwater blocks, and gas offtake visibility. Also watch the 3 February 2026 earnings for guidance. Any evidence of faster execution could support the ONGC share price in the coming quarters.

Global Market Insights

ONGC.NS Stock Today: January 29 KG Basin pact with Reliance lifts shares

ByHuzaifa Zahoor January 29, 2026January 29, 2026

ONGC share price surged today after Oil and Natural Gas Corporation and Reliance signed a deepwater resource-sharing MoU across the KG basin and Andaman offshore. The move targets faster execution and lower costs under the ORDA Act 2025. ONGC.NS traded at Rs 268.58, up 8.32%, hitting a 52-week high of Rs 269.65. Volume spiked to 7.34 crore shares versus a 0.89 crore average. Investors see improved output visibility and operating efficiencies for India’s upstream push.