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 | MIXED |
| ONGC | ONGC | Brent | MIXED |
| IOC | Indian Oil Corp | Refining margins | MIXED |
| BPCL | Bharat Petroleum | Refining margins | MIXED |