Indian markets slid for a fourth straight session as pressure weighed on realty and jewellery stocks. Despite the broader weakness, ONGC and Vedanta advanced after government royalty cuts improved sentiment. Tech Mahindra also stood out among the day’s biggest movers, underscoring how policy-driven cues can spark sharp stock swings even amid continuing selloffs.
ONGC shares surged around 6% after CLSA said the government’s cut to crude oil and natural gas royalty rates is a major tailwind for upstream producers. The brokerage estimates the change could lift ONGC’s fair value by about 7–9% and Oil India’s by 9–11%, while Oil India shares gained roughly 7.5%. CLSA keeps a high-conviction outperform call.
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