Agree but market wasn’t pricing in drop in oil prices post OPEC decision to pump more. Both ONGC and OIL were bafflingly up 8% on Monday (post exit-poll) even though globally oil stocks were down. So fall yesterday and today is now more of a reality check. If oil prices come down to 70 range, earnings will get seriously impacted for both the companies (especially when there is zero to negative volume upside for them).
Subscribe To Our Free Newsletter |