India's integrated oil majors and refiners — earnings track Brent crude and refining margins (cracks).
| Ticker | Name | Signal driver | Zone |
|---|---|---|---|
| RELIANCE | Reliance Industries | Brent / Refining | WARN |
| ONGC | ONGC | Brent | WARN |
| IOC | Indian Oil Corp | Refining margins | NEUTRAL |
| BPCL | Bharat Petroleum | Refining margins | NEUTRAL |