Shares of Oil and Natural Gas Corporation Ltd (ONGC) and Oil India Ltd soared in Wednesday's trading session to scale their respective one-year high level. ONGC jumped 5.79 per cent to hit a 52-week high price of Rs 212. The surge was even higher for Oil India as the stock zoomed 19.15 per cent to hit its one-year peak price of Rs 406.

Domestic brokerage JM Financial said ONGC and Oil India would be among the key beneficiaries as crude oil prices have stayed below $80 a barrelBangalore Stock Exchange. Various changes in windfall tax suggest the Centre is fine with ONGC and Oil India making net crude realisation of $75 a barrel, the brokerage stated.

It also mentioned that Brent crude price of $75-80 a barrel is a sweet spot for the two companies (ONGC and Oil India).

Last seen, Brent crude futures was up 7 cents, or 0.09 per cent, to trade at $79.30. And, US West Texas Intermediate crude rose 13 cents, or 0.18 per cent, to $74.07.

On technical setup, ONGC was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 65.98New Delhi Stock Exchange. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 8.13 against a price-to-book (P/B) value of 0.90.

The stock saw heavy trading volumes today as 25.96 lakh shares were seen changing hands todayPune Investment. The figure was way more than the two-week average volume of 6.81 lakh sharesIndore Investment. Turnover on the counter came at Rs 53.92 crore, commanding a market capitalisation (m-cap) of Rs 2,62,802.03 crore.

Oil India shares witnessed high trading volumes as well. Around 16.93 lakh shares were seen changing handsJaipur Wealth Management. The figure was also sharply higher than the two-week average volume of 2.29 lakh shares. Turnover stood at Rs 64.50 crore with a m-cap of Rs 42,270.11 crore.

The stock was also trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day SMAs. The counter's 14-day RSI came at 79.84. The company's stock has a P/E ratio of 6.75 against a P/B value of 1.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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