State-owned oil companies gain on the Reserve Bank of India’s move to provide dollars directly to these companies.
The RBI announced late on Wednesday a special window “with immediate effect” to sell dollars through a designated bank to Indian Oil Corp,Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd “until further notice”.
IOC is up 1.1 per cent,HPCL gains 1.2 per cent while BPCL is up 2 percent.
Expectations of a hike in diesel prices after parliament’s monsoon session ends on September 6 are also seen helping shares.
Oil & Natural Gas Corp Ltd (ONGC) also gains 2.1 per cent.