OMCs extend gain; Indian Oil hits record high

IOC rallied 5%, while HPCL and BPCL were up 3% and 2%, respectively

Shares of state-run oil marketing companies (OMCs) were trading higher on the bourses in early morning trade after these companies on Saturday hiked the price of subsidised cooking gas, or LPG, along with kerosene and aviation turbine fuel (ATF).

Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) were up between 2% and 5% on the BSE as compared to a marginal 0.01% decline in the S&P BSE Sensex at 10:15 am. All these stocks were gained up to 1% on Monday.

The three state-owned OMCs revise rates on 1st and 16th of every