ONGC.NS Stock Today: January 29 Oil Spike Sends Shares to Record Highs
ONGC share price surged to fresh record highs on 29 January as crude rallied on US winter-storm outages and Middle East tensions. Shares of ONGC.NS jumped to ₹269.65 intraday and last traded near ₹268.58, with volumes at 7.34 crore versus an average 0.88 crore. The move lifted the Nifty Oil & Gas index and tracked gains in Brent crude today. A VLEC shipbuilding JV update and the 3 February results date keep focus on fundamentals, valuation, and cash returns.
What is driving today’s spike
Brent crude today climbed alongside WTI as weather-related US output issues and rising Middle East tensions pushed up prices, improving earnings visibility for upstream producers. The rally aided sentiment across India’s energy basket and supported the ONGC share price. Early trade commentary highlighted fresh record prints for ONGC and peers as crude advanced source.
Beyond crude, investors cited ONGC’s update on a VLEC shipbuilding JV that strengthens long-term gas logistics. The 3 February Q3 results are another near-term catalyst. Valuation remains supportive with a P/E of 8.52, P/B of 0.85, and a TTM dividend yield near 4.94%. These factors, together with sector breadth, helped sustain the ONGC share price upswing today.
Price action and key levels
The stock opened at ₹249.20, hit a low at the open, and rallied to a ₹269.65 high, topping the previous 52-week peak of ₹263.49. Last traded price hovered near ₹268.58. Volume spiked to 7.34 crore versus a 90-day average of 0.88 crore, underscoring strong participation and adding conviction to the breakout in the ONGC share price.
Price sits well above the 50-DMA at ₹240.41 and the 200-DMA at ₹242.36. ADX at 27.34 signals a strong trend, while the MACD histogram turned positive. RSI at 43.94 is neutral, and ATR at 4.77 implies wider swings. With price stretched above the Bollinger upper band at ₹241.97, a pullback toward ₹260–₹250 cannot be ruled out before the next leg.
Peer moves and sector read-through
The surge was broad-based, with the Oil India share price also hitting fresh highs in intraday trade as investors rotated into upstream and gas-linked plays. Newsflow pointed to gains across GAIL and Petronet as well, lifting the Nifty Oil & Gas index source. The sector tailwind adds support to the ONGC share price outlook in the near term.
Upstream earnings remain sensitive to crude. If supply fears fade and prices soften, upside in the ONGC share price could cool. Conversely, extended strength in Brent, stable realizations, and steady domestic demand should aid cash flows. We also watch for global risk events, shipping routes, and US inventory data, which often drive short-term sector moves.
Valuation, risks, and what to watch
ONGC trades at 8.52x TTM EPS with a 4.94% yield and P/B of 0.85, offering income plus value. Balance sheet quality is reasonable with debt-to-equity at 0.48 and interest coverage of 6.13, though the current ratio at 0.87 warrants monitoring. Any changes in tax, subsidies, or gas pricing could affect margins and the ONGC share price path.
Meyka grade stands at B+ (76.4) with a Buy stance, aligning with a separate A-rated company view. Our models indicate a 12-month fair value near ₹297.39 and a 3-year path toward ₹366.13, not guarantees. Near term, watch 3 February results, crude headlines, and management commentary on capex and the VLEC JV. These could guide the next move in the ONGC share price.
Final Thoughts
Today’s spike in the ONGC share price blends global and local drivers: higher crude on supply jitters, supportive sector flows, and constructive company updates. Price is extended after a high-volume breakout, so near-term consolidation toward ₹260–₹250 would be healthy and could offer better entries. Investors may focus on valuation support, a near 5% yield, and upcoming Q3 results on 3 February for earnings clarity. Traders can trail stops below recent swing lows and respect volatility. We will track Brent moves, policy signals, and management guidance around capex and logistics. If crude holds firm and execution stays strong, dips may remain buyable.
FAQs
Why did the ONGC share price hit a record high on 29 January?
A sharp rise in crude after US winter-storm outages and Middle East tensions improved earnings visibility for upstream producers. That lifted sentiment across the energy basket, pushed heavy volumes, and supported a clean breakout. Domestic catalysts, including an update on ONGC’s VLEC shipbuilding JV and anticipation of Q3 results on 3 February, added fuel to the rally.
Is ONGC attractive at current levels for investors?
Valuation is supportive with a P/E of 8.52, P/B of 0.85, and a near 4.94% TTM dividend yield. Balance sheet metrics like debt-to-equity at 0.48 and interest coverage at 6.13 look reasonable. Risks include crude volatility, policy changes, and potential margin swings. Long-term investors may prefer staggered entries or buy-on-dips after today’s sharp move.
What price levels should traders watch in ONGC this week?
Immediate resistance sits near today’s high of ₹269–₹270. A constructive pullback could find support around ₹260–₹250, in line with recent intraday action and the ATR. Deeper support sits near the 50-DMA at ₹240. A sustained close above ₹270 with strong volume could open room toward ₹280, while weakness below ₹250 may invite more profit-taking.
How did peers move, and what does it mean for the sector?
The Oil India share price also rallied, and gas-linked names gained, lifting the Nifty Oil & Gas index. Broad participation suggests investors are positioning for stronger upstream cash flows if crude stays firm. Sector leadership often supports trend durability, though any quick reversal in Brent could compress valuations and cool momentum across the basket.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
