Oil Stocks Flare Up On Ses

With the petro price hike round the bend, oil stocks were the cynosure of all eyes at the major bourses yesterday. Marketmen said that the petro hike would enable the refineries to recover their long standing dues from the government.

In the specified group, BPCL yesterday moved up by Rs 8.50 to close at Rs 408.75 on the BSE, HPCL gained Rs 15.25 to close at Rs 451.25 while IPCL edged up by Rs 1.50 to end the day at Rs 127.75.

Even B1 refinery scrips joined the rally with Madras Refineries and Bongaigaon Refineries hitting the upper end of the circuit filter at the major bourses.

 

Trading in Bongaigaon Refineries was frozen at Rs 17.45(+Re 1) on the BSE and Rs 16.35(+Rs 1.50)on the NSE while trading in Madras Refineries was frozen at Rs 58.25(+ Rs 4.75) and Rs 56.10 (+Rs 3.70), respectively.

Other gainers included ONGC, which touched a new high of Rs 298.50 on the BSE during intra-day trading before closing at Rs 296(+Rs 8.25) and Oil Country Tubular at Rs 43, a gain of Rs 3.25.

Meanwhile, hotel scrips which were moving sideways till a few days back, also joined the rally at the bourses yesterday.

The Indian Hotels scrip was frozen on the NSE at the upper end of the circuit filter at Rs 661.50. a gain of Rs 31.50 over the previous close. The East India Hotels scrip touched an intra day high of Rs 418 on the NSE yesterday before closing at Rs 410.90, a gain of Rs 12 over the previous close.

The ITC Hotels scrip hit the upper end of the filter circuit at the major bourses. Leading brokers said that following good corporate performance from Asian Hotels, the market is expecting a similar performance from ITC Hotels.

The scrip was frozen at Rs 124 (+Rs 9) on the BSE and at Rs 121.25 (+Rs 7.95) on the NSE.

Steel scrips, too, moved up on reports that all the steel majors, barring SAIL, would be shortly hiking their prices.

Tisco firmed up by Rs 5.75 on the BSE to end the day at Rs 176.25, Essar Steel hit the upper end of the circuit filter on the BSE at Rs 14 (+Rs 1.25) and at Rs 13.65 on the NSE. The SAIL scrip also moved up after the management decided to do away with the rebates being offered to customers. Trading in the scrip was frozen at Rs 19 (+Re 1) on the BSE.