Sensex rises on fuel price hike hopes oil stocks lead

SENSEX-RISES-ON-FUEL-PRICE-HIKE-HOPES-OIL-ST:Sensex rises on fuel price hike hopes oil stocks lead

The Sensex rose on Tuesday for a fifth consecutive session on rising hopes for fiscal reforms after Oil Minister S. Jaipal Reddy said India would need to hike the price of heavily subsidised fuels such as diesel in the near term.

Hindustan Petroleum Corp gained 3.6 percent, Bharat Petroleum Corp gained 2.47 percent, and Indian Oil Corp Ltd rose 0.65 percent.

Finance companies also gained on hopes the central bank may cut rates on September 17 if the government announces reform measures.

ICICI Bank gained 1.36 percent, while Housing Development Finance Corporation rose 2.27 percent.

The Sensex provisionally rose 0.52 percent. The Nifty ended up 0.5 percent.