The entire world is closely monitoring the dispute between the United States and Venezuela. On Monday, the Indian domestic market witnessed a sudden surge in buying in shares of Venezuelan oil companies...

Impact of US-Venezuela tensions: Oil stocks surge, market value of this company rises by ₹25,000 crore in just minutes

Oil Stocks Rally India: The entire world is closely monitoring the dispute between the United States and Venezuela. On Monday, the Indian domestic market witnessed a sudden surge in buying in the shares of Venezuelan oil companies. The country's leading oil companies appear to be the biggest beneficiaries of this activity, leading to a sharp increase in investor interest.

Amid this environment, Reliance Industries shares saw a massive surge, reaching record levels. Within minutes, the company's market valuation increased by more than ₹25,000 crore. Furthermore, shares of state-owned oil companies like ONGC, Oil India, and Indian Oil Corporation also saw gains of up to 2%. Let's explore the performance of these companies in the stock market...

Shares of Reliance Company became rocketing

Reliance shares saw a strong rally on Monday, January 5. Shares rose 1% in early trading on the BSE, reaching ₹1611.20.

This is the company's 52-week high. At around 1 p.m., the company's stock was trading down 0.12 percent, or ₹1.95, at ₹1,590.50. The company's shares had opened the day at ₹1,592.50. The company's shares had closed the previous trading day at ₹1,592.45. 

Big jump in Reliance's valuation

This surge has directly benefited Reliance Industries' market valuation. Last week, the company's market value was approximately ₹21,54,978.60 crore (approximately $2.15 billion). This increased to ₹21,80,351.99 crore (approximately $2.18 billion) during Monday's trading session. This means the company's valuation has increased by more than ₹25,373 crore (approximately $2.7 billion) in a short period of time.

Shares of these companies also jumped.

Shares of the companies saw strong gains during the trading session. ONGC shares rose 2.09 percent, while Oil India gained 0.72 percent. Indian Oil Corporation shares rose 1.19 percent to reach an intraday high. HPCL shares also saw a strong jump of 2.56 percent.