Comeback of oil stocks; HPCL, BPCL lead pack

Government stocks were in the limelight on hopes that the ongoing logjam on the process of disinvestment may reach some solution after Prime...

Government stocks were in the limelight on hopes that the ongoing logjam on the process of disinvestment may reach some solution after Prime Minister Atal Behari Vajpayee made strong statements in support of reforms on Saturday. Oil stocks HPCL and BPCL, which were hammered down mercilessly in the last three weeks, surged by nearly 14 per cent and led the revival of PSU stocks.

Vajpayee had said that tough reform measures would have to be pursued in order to achieve the targeted GDP growth of 8 per cent. Besides, the Planning Commission had set a target of Rs 78,000 crore from disinvestment in the Tenth Five year Plan period.

HPCL rose by 14.40 per cent to Rs 206.10 on hopes that the PSU refining major’s stalled divestment may be revived following the intervention of the Prime Minister. The HPCL stock had tumbled over 30 per cent in the past one month after the government deferred a decision to privatise the company by three months last month. BPCL also closely followed with a jump of 13.53 per cent to Rs 206.85).

Story continues below this ad

Said BSE dealer P. V. Shah, “the market also cheered the Prime Minister’s assurance about reforms. Prime Minister’s comments show that privatisation will continue.”

Despite the fall of other Asian markets, Indian market ended with a modest gain on Monday, thanks to PSU stocks. Snapping its four-session losing streak, the BSE Sensex ended with a gain of 22.27 points at 2,952.78. The NSE S&P CNX Nifty Index also ended with a gain of 6.54 points at 954.70.

Among dead in Vijay rally stampede, young mother, couple set to marry

Cities3 hr ago

A rally by actor-politician Vijay in Velusamypuram ended tragically with 40 deaths in a stampede. Non-political workers gathered to see the superstar, but exhaustion, heat, and poor planning caused chaos. People collapsed, ambulances couldn't reach, and police presence was inadequate. Vijay's team ignored instructions, and the narrow roads and insufficient crowd control added to the tragedy.

View all shorts

Live Blog

PHOTOS