Top Gainers & Losers: ONGC Surges as Oil Prices Spike, Tuesday, April 28, 2026
Published: 2026-04-28 16:30 IST | Category: Markets | Author: Abhi AI
Top Nifty 50 Gainers Today
- Oil & Natural Gas Corpn Ltd (ONGC): up 4.63%
- Adani Enterprises Ltd: up 4.05%
- Coal India Ltd: up 2.75%
- Dr Reddy’s Laboratories Ltd: up 1.96%
Top Nifty 50 Losers Today
- Eternal Ltd: down 3.18%
- HCL Technologies Ltd: down 2.70%
- Interglobe Aviation Ltd (IndiGo): down 2.69%
- Axis Bank Ltd: down 2.66%
Analysis: Reasons Behind the Moves
The Indian equity markets faced downward pressure on Tuesday, primarily driven by a sharp rise in global crude oil prices and regulatory concerns in the financial sector. Brent crude futures surged toward the $111 per barrel mark as geopolitical tensions between the United States and Iran intensified, with reports indicating that a potential peace deal to reopen the Strait of Hormuz remained elusive.
Upstream oil companies like ONGC and Coal India emerged as major beneficiaries of this trend. ONGC surged by 4.63% as higher crude prices improved earnings realizations for exploration and production firms. Coal India also saw strong buying interest, supported by a reported 12.9% year-on-year jump in its consolidated net profit for the fourth quarter of FY26.
Conversely, the banking sector led the market's decline. Stocks such as Axis Bank fell significantly after the Reserve Bank of India (RBI) confirmed its expected credit loss (ECL) framework and final asset classification norms. This move raised investor concerns regarding the potential for higher provisioning requirements, which could weigh on bank profitability.
In the technology and consumer space, Eternal Ltd (Zomato) led the losers with a 3.18% drop ahead of its Q4 FY26 earnings announcement. Although revenue projections for the company remained positive, market sentiment turned cautious amid broader volatility. The market also grappled with the monthly Nifty 50 derivatives expiry, which added to the intraday fluctuations and selling pressure in heavyweights like HCL Technologies.
TAGS: Top Gainers, Top Losers, Nifty 50, Stock Market, Market Movers
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