Shares of major oil companies, including HPCL and ONGC, advanced to all-time highs on the Bombay Stock Exchange today, driven by buoyant investor sentiment amid a firm broader market.
HPCL rose by 1.70 per cent to touch a lifetime high of Rs 555.45. Similarly, oil and gas major ONGC surged by 4 per cent to a new high of Rs 1,451.90 on the Bombay Stock Exchange.
Indian Oil Corporation also soared to an all-time high of Rs 446.40 on the BSE.
Marketmen attributed the power-packed performance by oil and gas stocks to keen investor interest in the sector, coupled with a bullish gaining streak in the broader market over the last seven trading sessions.
The rise in oil stocks boosted the momentum of the BSE- Oil & Gas index too, which rose by 242.18 points to 10,704.05.
Other oil companies which witnessed a positive sentiment included BPCL (up 0.52 per cent), Reliance Industries (up 2.28 per cent) and Essar Oil (up 0.96 per cent).
The broader market Sensex surged by 202.55 points to 19,549.51 in early trade today.