ONGC lone gainer on Nifty, Sensex in falling market on dividend record date

Shares of ONGC gained nearly 3 per cent to Rs166.50 per share in Tuesday's intraday trade on the BSE as markets corrected almost 2 per cent in early trade. This oil and gas stock was also the only counter to trade positively as Nifty slipped below 16,900 and the Sensex dropped nearly 1200 points in the opening trade.  At 10.30 am, the headline indices were trading with a loss of over 1.5 per cent to 16,944.15 and 788.46. 

On February 11, the board of directors of ONGC announced an interim dividend of Rs 1.75 per equity share to eligible shareholders. The record date to determine the names of shareholders is today, February 22.   

See Zee Business Live TV Streaming Below:

The eligible shareholders will be paid dividend on or before March 12, the company has announced while declaring the 2nd interim dividend for the Financial Year 2021-22. Between August 2001 and February 2022, the company has announced dividend 38 times. 

Meanwhile, all other stocks were trading in the red on Nifty and the Sensex with TCS, BPCL, Coal India, UPL, Bharti Airtel, Tata Steel Power Grid and Dr Reddy's declining the most.  

"The market is witnessing a sharp cut in early trade of Tuesday's trading session on the back of intense geopolitical tension. We are in monthly F&O expiry week therefore we could see a surge in volatility, whereas March is going to be a very volatile month due to lots of events like geopolitical uncertainty, results of state elections, US Fed meeting, etc, " said Parth Nyati, Founder, Tradingo. 

He suggested investors to look at this correction as a buying opportunity.