State-run oil companies gain ahead of ONGC results

Reuters market eye - Shares of state-run oil companies gain on hopes of better-than-expected results by sector leader Oil and Natural Gas Corp later in the day.

Hopes of lower subsidy losses as crude oil falls help oil retailers.

Brent near 13-month trough below $103 on brisk supplies.

ONGC is up 1.8 percent, while Oil India is up 1.2 percent.

Among retailers, Hindustan Petroleum Corp gains 3.3 percent, Bharat Petroleum Corp advances 3.1 percent while Indian Oil Corp is higher by 2.9 percent.

(abhishek.vishnoi@thomsonreuters.com / abhishek.vishnoi.thomsonreuters.com@reuters.net)