Foreign fund interest buoys ONGC

DALAL STREET SPIKES

Oil PSU ONGC was the second biggest gainer among the Sensex stocks on the back of buying support from foreign institutional investors.

While the overall market trend was negative on index-based selling from institutional investors, selected FIIs fancied buying in ONGC counter on oil price hike.

The stock almost closed at its day's high of Rs 730.10 on the back of more than 10.91 lakh shares being traded on the BSE. The counter was equally active on the NSE and registered volumes of 27.52 lakh shares in yesterday's trading.

The ONGC counter has been marked with volatile trades in the past few trading sessions. It lost nearly 2 per cent in yesterday's trading after a sharp rise from Rs 683.85 on July 28, 2004 to Rs 732.65 on August 2, 2004.

Analysts said, rising global crude oil prices and the company's decent Q1 results has resulted in renewed buying at the ONGC in the past few trading sessions.

Global crude prices have reached a record high of above $44 per barrel.