BSE Oil & Gas Index Hits 52-Week High: ONGC and Oil India Surge on Rising Crude Prices

BSE Oil & Gas index rose over 1% in Thursday's trade, hitting a 52-week high of 29,447.10. This topped its prior peak of 29,249 from November 12, 2025. By 9:26 AM, it gained 0.6%, leading sectoral indices, while the Sensex fell 0.36%.

Over the past month, the index climbed 2.2%, beating the Sensex's 2.2% drop.

Key Stock Performers

State-owned firms led the gains:

• Oil India (OIL): ₹516, up 1-3% intraday; +22% in one month.
• ONGC: ₹270.50 (high ₹277.80), +14% monthly; +0.21% today.
• OMCs like Indian Oil (₹178), HPCL (₹473.50), and BPCL (₹391.85) rose 1-3%.

Drivers Behind the Rally

Rising crude prices fueled the upmove. On Wednesday, oil ended higher due to US-Iran tensions stalling nuclear talks and a 3.5 million barrel drop in US stockpiles (EIA data).

Thursday saw a dip after US-Iran confirmed Oman talks, easing supply fears. Still, crude jumped 11% in January, with 4-5% more upside possible short-term. 

Read More: Best Dividend Paying Stocks in February 2026: Vedanta, Coal India, REC, ITC, and More!

Company Clarifications

ONGC and Oil India filed notices linking price jumps to crude's rise from ~$60 (Jan 1) to ~$67 (Jan 28), up 10.5%. As E&P firms, their revenues tie directly to global oil/gas markets and geopolitics.

Conclusion

Upstream stocks like ONGC and Oil India shine on crude momentum, but watch geopolitics and demand signals for sustained gains. Medium-term outlook stays cautious amid global balances.

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