Institutional investors pump up ONGC

DALAL SREET SPIKES

The day belonged to frontline stocks with ONGC being the biggest gainer in the Sensex basket. The stock of oil major rose nearly 5 per cent to Rs 1,003.95, after hitting the day's low of Rs 956. More than 7.7 lakh shares changed hands on BSE on Wednesday.

According to dealing room sources, the stock spurted on back of some large buy orders placed by large institutional investors in Wednesday's trading. The buzz in the market is that there could be some positive announcement by the company in the coming days.

Being a heavyweight, ONGC was the biggest contributor in pushing the Sensex up in the second half of trading. The Sensex ended 91 points higher after a subdued opening in morning trades.