Oil India, ONGC, Paradeep Phosphates and Hindustan Zinc Gain; JSW Energy, Sonata Software and Birlasoft Decline

The Indian stock markets witnessed selling pressure on Tuesday amid high crude oil prices, tensions in West Asia, and weakening of the rupee. The Nifty 50 index fell by 0.69% to 23,652.4 levels, whereas the Sensex lost 0.82% to reach at 75,386.61 levels.

The sell-off continued as the U.S. president, Donald Trump, claimed that the ceasefire agreement with Iran is “on life support,” leading investors to fear further tensions and disruption in supplies. Crude oil prices continued to hover around $105 per barrel, adding pressure on India’s import bill, inflation and profits of firms. In addition, rupee tumbled to an all-time low amid ongoing foreign capital outflows and high crude oil prices.

Investors were waiting for April retail inflation figures, to know if high oil prices are affecting India’s inflation.

Oil India Share Price Rallies 10%

However, Oil India was one of the stocks that saw considerable gains within the Nifty 500 list, with the share price rising close to 10% amidst high volumes.

Oil India Limited is a publicly owned upstream oil and gas company that involves itself in exploration and production of crude oil and natural gas.

The increase in prices can be attributed to the recent move by the Indian government to lower royalties for the exploration and production of crude oil and natural gas. Royalties on onshore crude oil were lowered from 16.66% to 10%, while royalties for offshore crude oil were brought down from 9.09% to 8%. The same went for royalties on natural gas, which were lowered from 10% to 8%.

ONGC Gains 7% After Royalty Cut

ONGC was among the stocks that saw a lot of demand, leading to its gain of close to 7% during the period under review.

ONGC is India's biggest oil and gas explorer and producer.

The rise was triggered by the recent announcement by the government to reduce royalty payments on crude oil and natural gas production. 

ONGC rose on hopes in upstream energy companies as geopolitical developments led to an increase in crude oil prices.

Paradeep Phosphates Jumps 8% on Strong Q4 Results

Among other gainers, Paradeep Phosphates had risen 8% in the Nifty 500 index.

It is important to note that Paradeep Phosphates is India’s second-largest privately owned phosphatic fertilizer company.

This increase happened after good financial results for the quarter. The company reported a 12% rise in its income to ₹4,702 crore compared to ₹4,194 crore. Its EBITDA was ₹484 crore, and the margin was 10.3%, while net profit was ₹156 crore.

Overall, the year was very good, with revenue rising 29%, EBITDA rising 33%, and net profit rising 52%.

Also, some operational changes positively influenced sentiment about the company’s future. In FY26, Paradeep Phosphates added two sulphuric acid plants in Paradeep and Mangalore, thus doubling its sulphuric acid capacity. Another phosphoric acid plant expansion project will start operating in FY27.

Hindustan Zinc Climbs 4% After Record Earnings

Hindustan Zinc saw a gain of more than 4% due to its impressive quarterly results for Q4FY26.

Hindustan Zinc is one of the largest zinc manufacturers in the world and also mines silver and lead.

In Q4FY26, the company recorded a 49% YoY growth in revenue at ₹13,544 crore. The EBITDA of Hindustan Zinc grew by 61% to ₹7,747 crore, whereas the net profit witnessed a growth of 68% to ₹5,033 crore.

For FY26, Hindustan Zinc witnessed a 20% increase in revenue, 27% growth in EBITDA, and 34% in net profit.

JSW Energy Falls Nearly 6%

JSW Energy was one of the major losers in the Nifty 500 Index, down by almost 6%.

JSW Energy is an electricity generator that operates in thermal, hydro, and renewable energy plants.

This fall came after the company’s Q4FY26 earnings. Even though there were impressive gains in revenue, shareholders seemed worried about profit margins and future forecasts. Moreover, there was an overall decline in energy sector companies because of the increase in crude oil prices and inflation.

Sonata Software Drops 7%

Shares of Sonata Software dropped nearly 7% to become among the major losers in the Nifty 500 index.

Sonata Software operates in the domain of information technology (IT) services and digital transformation solutions.

The fall was mainly on account of profit taking and underperformance of midcap IT stocks amid apprehensions about global IT spend and overseas demand uncertainties.

Birlasoft Extends Losses

The stock was down more than 5% in the day’s trading session.

Birlasoft is a software company that offers enterprise technology and IT consulting services across the globe.

The stock fell because of fears over low earnings growth and low business expectations. The fall in the stock was mainly influenced by the decline in the IT industry.

Conclusion

Despite increasing crude oil prices, uncertainty due to geopolitics, and the weakening rupee, the markets continued to remain volatile. The sectors that had positive performance included energy and commodities because of their strong results and policy environment. However, stocks like those in IT and power sectors were under pressure due to issues related to earnings.