Reliance Industries and ONGC Share Price Slip as Geopolitical Jitters Weigh on Oil Stocks

Market Performance: Oil Stocks Turn Volatile

The stock market today saw visible pressure on oil and gas stocks as global cues turned uneasy. Shares of Reliance Industries and Oil and Natural Gas Corporation (ONGC) traded lower on Monday, January 5, as investors reacted to rising geopolitical tension following a US military strike on Venezuela.

Both stocks opened on a mixed note but slipped as the session progressed, dragging the broader oil and gas space with them.

The BSE Oil and Gas index declined by 1% during the session, reversing part of the nearly 1% rise seen in the previous trading day. The tone across the sector remained cautious, with traders closely tracking global crude-related developments.

Main News: Reliance and ONGC Retreat from Intraday Highs

Reliance Industries share price briefly touched a fresh all-time high of ₹1,611.20 during intraday trade. However, the momentum did not hold. The stock slipped over 1% from its peak and fell to an intraday low of ₹1,588.70.

ONGC share price showed sharper swings. After climbing more than 2% to an intraday high of ₹246.55, the stock reversed direction and dropped over 2%, hitting a low of ₹235.75.

The pullback in Reliance Industries and Oil and Natural Gas Corporation share price reflected growing nervousness around potential supply disruptions in the global oil market.

Key price action at a glance:

• Reliance Industries
  • Intraday high: ₹1,611.20
  • Intraday low: ₹1,588.70
• ONGC
  • Intraday high: ₹246.55
  • Intraday low: ₹235.75
• BSE Oil and Gas Index: Down 1%

Why Oil Stocks Came Under Pressure?

The pressure emerged after reports of a US attack on Venezuela, a country known to hold the largest proven oil reserves globally. Even though crude oil prices traded lower during Monday’s session, the situation introduced fresh uncertainty into the energy markets.

There is concern that if tensions between the two countries stretch further, the conflict could spill over into broader geopolitical risk. Such scenarios often impact oil supply chains, influencing both crude prices and sector sentiment.

For oil-related stocks, this creates a delicate situation—price swings can be swift, and market reactions tend to be sharp, especially during early phases of global uncertainty.

Company Details: Different Exposure, Same Market Mood

While Reliance Industries and ONGC both belong to the energy space, their exposure to crude oil dynamics differs, which often leads to varied stock reactions during volatile phases.

ONGC operates primarily as an upstream oil and gas producer. Its business is closely linked to crude price movements, making its share price more sensitive during global supply-related developments.

Reliance Industries, on the other hand, has a broader business mix. Its oil-to-chemicals operations move alongside crude trends, but its overall stock performance is also influenced by non-energy segments, including telecom and retail.

Despite these differences, Monday’s session showed that broader geopolitical headlines were strong enough to weigh on both stocks at once.

Oil Market Context: What Changed Intraday?

Although global crude prices were lower during the day, the market remained cautious. The concern was not about immediate pricing, but about what a prolonged conflict could mean if oil flows were affected in the future.

This uncertainty led to profit booking in oil stocks, especially those that had recently seen strong upside or touched record levels.

Summary: Caution Returns to Oil Counters

To sum it up, Reliance Industries and ONGC share price came under pressure in the stock market today as geopolitical tensions re-entered the spotlight.

• Reliance slipped over 1% from its record high
• ONGC dropped over 2% from its intraday peak
• The oil and gas index fell 1%, reflecting sector-wide caution
• Concerns around Venezuela’s oil reserves and global supply stability weighed on sentiment

As global developments continue to unfold, oil stocks remain firmly on investors’ radar, with intraday volatility highlighting how closely markets are tracking geopolitical signals.

Source: Livemint