USCHENNAI: Shares of Reliance Industries and Oil & Natural Gas Corporation (ONGC) on Monday (January 5) climbed as investor focus sharpened on energy stocks amid renewed geopolitical developments linked to Venezuela’s oil sector. Reliance Industries shares rose more than 1 percent in early trade and hit a fresh 52-week high, trading above Rs 1,600 before settling slightly lower, with its market capitalisation nearing the Rs 22 lakh crore mark as buying interest continued for the fourth session in a row. The stock’s advance reflected solid investor confidence and interest in its core refining business and potential upside from global crude supply shifts.
ONGC’s shares also moved higher on Monday, gaining around 2 percent in early trade and emerging as one of the top gainers on the Nifty 50 index as oil and gas names led sector performance. Investors appeared responsive to reports that analysts see Indian energy majors as potential beneficiaries if developments in Venezuela facilitate eased sanctions and a resumption of crude flows. In this backdrop, energy names such as Oil India and Indian Oil Corporation also saw positive momentum.
Despite this rally in Reliance and ONGC, global crude prices remained relatively stable, reflecting ongoing market concerns over oversupply and broader demand dynamics. Still, the geopolitical developments over the weekend put energy stocks back in focus, with traders pricing in the possibility that changes in Venezuelan oil policy could eventually benefit companies with strategic refining capabilities or upstream exposure.
Overall, the market reaction on Monday captured a mix of optimism around sector-specific prospects and broader caution on macro energy fundamentals, with Reliance and ONGC standing out among India’s best-performing stocks in the early session of trading.