On 29th October 2024, ONGC’s stock displayed a noteworthy resilience, inching up by 0.08% against the backdrop of a broadly declining market. As various indices slipped, ONGC managed to carve out a path of modest gains, a trend that continued to position the oil and gas giant favorably within a competitive sector.
ONGC Share Price Performance
On the specified date, ONGC share price saw an increase of 0.08%, closing at ₹263.50. This slight uptick, despite small in percentage terms, illustrates the stock’s ability to maintain stability even in challenging market conditions.
Market Performance Comparison
In direct comparison, the broader market faced a setback, with the Nifty index declining by -0.16% on the same day. This stark contrast in performance emphasizes ONGC’s relative strength amid market fluctuations.
Stock Movement Details
Throughout the trading day, ONGC stock opened at ₹264.65 and managed to touch a high of ₹264.65 shortly after market opening. However, it faced some pressure later in the day, closing marginally lower at ₹263.50. The stock registered a low of ₹259.45, revealing the volatility experienced during the trading session.
Technical Analysis
An analysis of stock movements indicates that ONGC is currently trading below both its short-term and long-term moving averages, a sentiment that may trigger caution amongst potential investors. This trend signals a period where the stock has not capitalized on upward momentum in recent times.
Volume Traded
The trading volume for ONGC on both the NSE and BSE was down by a significant -53.37% compared to the previous session. Such a decline in traded volume may reflect reduced market interest in the stock, often a point of concern for analysts and investors alike.
Fundamental Analysis
On a fundamental level, ONGC shows promising metrics with a Return on Equity (ROE) of 15.88%, a Return on Assets (ROA) of 8.60%, and a Price/Earnings (P/E) ratio of 7.36. These indicators portray a company with solid profitability and effective resource utilization.
Future Forecast
Looking ahead, analysts have forecasted a median 1-year upside potential of 25.24% for ONGC shares. This optimistic projection could attract investors looking for growth opportunities in the long term.
Holding Information
As per the latest filings for the September quarter, ONGC has reported a 0.00% promoter holding, with 10.52% holdings by mutual funds and 8.12% by foreign institutional investors (FIIs). This distribution reflects a diverse investor base, albeit with no strong promoter backing.
Peer Comparison
When comparing with its peers, ONGC’s performance stands out as both Reliance Industries, Hindustan Petroleum Corporation, and Petronet LNG were experiencing declines. This divergence points to ONGC’s potential stability in a turbulent sector.
Benchmark Indices
On the same day, while Nifty was down -0.16%, the Sensex crept up marginally by 0.01%. This mixed performance in benchmark indices further underlines ONGC’s unique position on a day when broader sentiment was less favorable.
FAQs
- What factors contributed to ONGC’s stock increase on October 29, 2024?
ONGC’s minor increase can be attributed to its fundamentals, technical resilience amidst a declining market, and attractive forecasts despite lower traded volumes. - How does ONGC’s performance compare to its peers?
ONGC’s 0.08% increase stands in stark contrast to declines seen in major competitors like Reliance Industries and Hindustan Petroleum Corporation, indicating relative strength. - What are the indicators of ONGC’s financial health?
With an ROE of 15.88%, ROA of 8.60%, and a P/E ratio of 7.36, ONGC shows solid profitability and operational efficiency.
