Shares of oil and gas companies continue at their upward march for third day in a row with most of the frontline stocks are trading at multi-year highs on the bourses.
Oil and Natural Gas Corporation (ONGC), Reliance Industries, Oil India, Indian Oil Corporation, Hindustan Petroleum, Gail India and Bharat Petroleum are up 2-6% on the Bombay Stock Exchange (BSE).
At 0920 hours, the S&P BSE Oil and Gas index, the largest gainer among sectoral indices, is up 2.3% as compared to 1% rise in S&P BSE Sensex. The oil and gas index has surged 9% in past three trading sessions against 6.4% rise in benchmark index.
ONGC has gained 6% to Rs 380, also its lifetime high on the bourses, while Reliance Industries gained 2% at Rs 1,050 on the BSE.
Among the other individual stocks, Oil India has surged 5% to Rs 535, followed by Gail India (4% to Rs 400) and BPCL (2% at Rs 513).
“Oil and gas stocks have been on an upswing in the hope of policy reforms by the next government. I feel these stocks have seen a good upside and the rally have been built on expectations. I feel that RIL and HPCL still have more steam left.
However, the rally seems to be getting over for stocks like Cairn India and BPCL,” said Sunil Jain, vice president – equity research at Nirmal Bang.
Meanwhile, the state-owned oil companies have hiked diesel prices by Rs 1.09 a liter from today.
Oil and Natural Gas Corporation (ONGC), Reliance Industries, Oil India, Indian Oil Corporation, Hindustan Petroleum, Gail India and Bharat Petroleum are up 2-6% on the Bombay Stock Exchange (BSE).
At 0920 hours, the S&P BSE Oil and Gas index, the largest gainer among sectoral indices, is up 2.3% as compared to 1% rise in S&P BSE Sensex. The oil and gas index has surged 9% in past three trading sessions against 6.4% rise in benchmark index.
ONGC has gained 6% to Rs 380, also its lifetime high on the bourses, while Reliance Industries gained 2% at Rs 1,050 on the BSE.
Among the other individual stocks, Oil India has surged 5% to Rs 535, followed by Gail India (4% to Rs 400) and BPCL (2% at Rs 513).
“Oil and gas stocks have been on an upswing in the hope of policy reforms by the next government. I feel these stocks have seen a good upside and the rally have been built on expectations. I feel that RIL and HPCL still have more steam left.
However, the rally seems to be getting over for stocks like Cairn India and BPCL,” said Sunil Jain, vice president – equity research at Nirmal Bang.
Meanwhile, the state-owned oil companies have hiked diesel prices by Rs 1.09 a liter from today.
