The breadth of the market favoured the declines with 590 stocks advancing and 945 declining while 505 remained unchanged. On the BSE, 646 stocks advanced, 869 declined and 84 remained unchanged.
ONGC posted a net profit of Rs 8,263 crore for the third quarter, a jump of almost 65 percent from the same quarter last year.
ONGC's profit stood at Rs 82.63 billion ($1.16 billion) in the quarter ended December 31, compared with Rs 50.15 billion a year earlier, the oil and gas explorer said in a stock exchange filing.
According to Antique Stock Broking, the net crude realisation for ONGC in Q3FY19 is estimated at around $67-68 a barrel (versus $73-76 in Q2FY19 and around $50-61 in Q3FY18)
State-run Hindustan Petroleum Corporation, Indian Oil Corporation and Bharat Petroleum Corporation were among the top losers on the index, shedding 2-4 percent.
Ahead of its results an Iron Condor trade in ONGC to benefit from volatility crush
The price of gas produced from difficult fields will rise to about $9 per million British thermal unit (mmBtu) from current $7.67.
290 stocks have hit new 52-week low on the NSE including names like Indiabulls Housing Finance which fell 4 percent followed by Vedanta, Mahindra & Mahindra, NTPC, JSW Steel, MRF, Motherson Sumi Systems and Coal India among others.
Oil Minister Dharmendra pradhan had last month stated "special incentive besides the incentive already provided" will be given to difficult fields of ONGC.
The top gainers from NSE included Titan Company, Eicher Motors, ONGC, Bajaj Auto and Reliance Industries while the top losers included Tata Steel, Hindalco Industries, YES Bank, HPCL and Bharti Airtel.
At the close of bidding for the second round of Discovered Small Fields (DSF), state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) placed bids for 10 fields each while Indian Oil Corp (IOC) bid for 3, according to upstream regulator DGH.
HPCL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), signed a debt syndication agreement with the consortium of nine lenders led by State Bank of India, a company statement said.
The Perspective Plan 2030 was ONGC's earlier vision document that outlined strategic goals for the growth of the organisation and for the energy security of the nation.
The breadth of the market favoured the declines with 574 stocks advancing and 977 declining while 498 remained unchanged. On the BSE, 703 stocks advanced, 1034 declined and 100 remained unchanged.
Among top picks, CLSA bets on ONGC, NTPC, Coal India are top buy ideas among non-fin PSUs, and among financials, prefer SBI.
Net Sales are expected to increase by 22.2 percent Y-o-Y (down 0.4 percent Q-o-Q) to Rs. 28,094.4 crore, according to Prabhudas Lilladher.
MF assets declined to Rs 22.8 lakh crore in December 2018 from Rs 23.4 lakh core in Nov 2018 on the back of moderation in the flows in equity funds and outflows from liquid funds.
Net Sales are expected to increase by 19 percent Y-o-Y (down 3 percent Q-o-Q) to Rs. 27,255 crore, according to Kotak.
Dharmendra Pradhan, said ONGC and OIL will have the freedom to decide which of their currently producing fields they want to retain and in the ones where they would like to induct a partner.
The investment will take place Sivasagar and Charaideo districts of Upper Assam, besides planning to hire over 300 persons in the state, ONGC Director (Onshore) S K Moitra said.
This situation has arisen because the government needs to meet its divestment target of Rs 80,000 crore by the end of this fiscal
The research firm believes that the market risk is on the downside in near term, and there could be a lag in capex and housing recovery as well.
The Public Enterprises Survey 2017-18, which mapped the performance of central public sector units, revealed that the top ten loss making PSUs claimed 84.71 per cent of the total losses made by all the 71 CPSEs.
The board of Oil and Natural Gas Corp on December 21 considered the government demand for listing its profitable overseas investment arm ONGC Videsh Ltd.