OMCs, ONGC rise on heavy volumes

Oil Marketing Companies (OMCs) today traded on a firm note on the back of fuel price hike.

BPCL slipped 4.6% to a low of Rs 450 and finally ended flat at Rs 453. The counter clocked heavy volumes of 318,461 shares as against its two-week daily traded average of 118,003 shares.

HPCL touched a high of Rs 325 and shed 2% from there to a low of Rs 318. It finally ended at Rs 320, up 3%. The trading volumes zoomed five-fold to 1.71 million shares from its average of 344,400 shares.

IOC ended at Rs 549, up 1.5% from the previous close. The trading volumes doubled to 265,804 shares.

ONGC was the biggest gainer today. The stock slipped to a low of Rs 1,076. Thereafter, it soared 10% from its previous close to a high of Rs 1,156 and ended 7% higher at Rs 1,126. The counter witnessed a five times increase in trading volumes to 1.92 million shares.
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(Updated at 1025 hrs)

Oil marketing companies (OMC) have gained following the government's decision to raise prices of fuel.

Government, on Wednesday, decided to raise the price of petrol by Rs 4 and diesel by Rs 2. This has effected the OMCs in a positive way as this would trim their losses. Meanwhile, global crude oil prices have also risen to near seven-month high at around $70. 

BPCL opened 4% up at the day's high of Rs 472. It is now up 3.5% at Rs 469. The counter has seen trades of around 40,736 shares so far on the BSE.

HPCL opened with a positive gap of 3% at Rs 321 and surged further to touch a high of Rs 325. It slipped 2% from its high to touch a low of Rs 318. It is now trading near the low at Rs 319, up 2.5%. Hefty volumes of 200,903 shares have already been traded on the BSE, as against the two-week daily traded average of 344,400 shares.

IOC opened in the red at Rs 520 but surged 9% from there to a high of Rs 567. It is now trading at Rs 560, up 3.5%. The stock has clocked a volume of  48,759 shares on the BSE.

ONGC has also gained on hopes of a lesser subsidy burden. ONGC gained over 5.5% to touch a high of Rs 1,111 within few minutes of trade opening. It is now up 4% at Rs 1,094. Around 54,083 shares have already traded hands on the BSE.