Shares of oil&gas firms continued their rally and rose over 2 per cent in morning trade on the Bombay Stock Exchange (BSE) after the government’s decision to hike fuel prices.
The BSE’s oil&gas index climbed 2.15 per cent,or 228 points,to touch a high of 10,832.22 points.
The government on June 25 increased fuel prices petrol by Rs 3.50 a litre and diesel by Rs 2 per litre,LPG by Rs 35 a cylinder and the poor man’s cooking fuel kerosene by Rs 3 a litre.
State-run ONGC rose over 5 per cent to touch a year-high at Rs 1,330.80 and stock of Oil India Ltd also touched its 52-week high at Rs 1,557.65 up 12.67 per cent.
Meanwhile,the BSE 30-share index Sensex was trading at 17,691.42 points up 0.67 per cent at 1035 hrs. Other,oil and gas stocks,which were up on the bourse,included Cairn India up 1.38 per cent at Rs 315.90,Essar Oil up 4.46 per cent at Rs 143.90.
The country’s most valued firm Reliance Industries Ltd was trading up 1.31 per cent at Rs 1,077.15 and RNRL was up 0.91 per cent at Rs 66.55.
BPCL was quoting at Rs 647,up 4.13 per cent,HPCL at Rs 430.65,up 7.38 per cent from previous close,while Aban Offshore was up 1.61 per cent to Rs 764.80.
Meanwhile,Gail India,which touched its year-high at Rs 516.85 on Friday,was quoting down 1.41 per cent at Rs 475.95.
On Friday,the oil and gas pack surged as much as 4 per cent after the government announced a much-awaited hike in petrol and diesel prices.
The BSE Oil & Gas index settled at 10,604.07 points,up 2.88 per cent. During market hours,the index climbed 4.01 per cent to hit an intra-day high of 10,720.60 points.