Equity benchmark indices traded in negative territory amid the start of earnings season. In addition, the continued tension over US-India trade deal negotiations rattled investor sentiment.
Equity benchmark indices traded flat in the mid-trading session on Wednesday amid mixed global cues, as investors maintained a cautious tone due to tariff jitters and the Q1 earnings season.
Share prices of ONGC and Oil India surged on Monday as heightened tensions between Israel and Iran have propelled global crude oil prices, benefiting upstream producers. Conversely, share prices of oil marketing companies such as IOCL, BPCL and HPCL and tyre manufacturers like MRF, JK Tyre & Industries and CEAT faced declines due to concerns over rising input costs.
Shares of Oil and Natural Gas Corporation (ONGC) climbed 3.2% to Rs 255.15 on the BSE, while Oil India surged up to 5% to Rs 488.80. The rally followed a more than 4% overnight jump in global oil prices, reaching their highest levels since early April, driven by concerns over potential supply disruptions in the Middle East.