Oil stocks end higher on BSE

Indian Oil Corp (IOC),the biggest state-owned company,climbed 2.63 per cent to finish the trade at Rs 353.15. In the intra-day trade,the scrip went up four per cent to Rs 358. Hindustan Petroleum Corp (HPCL) gained 2.83 per cent to close at Rs 400.90. During the trading session,the counter accelerated by 5.42 per cent from the previous close.

Market analysts said oil marketing companies rallied after Noumra upgraded them.

According to a media report,BPCL,HPCL,and IOC were raised to “neutral” from “reduce” by Nomura Holdings,which further said “downside” may be limited following the fall in the shares.

Decline in crude oil prices could be another reason for the rise in oil companies’ scrips,they added.

In terms of volume,1.93 lakh,2.98 lakh and 4.55 lakh shares of BPCL,IOC and HPCL,respectively,got traded on the bourse.

At the National Stock Exchange,BPCL added 3.37 per cent to Rs 665,IOC increased by 2.89 per cent to Rs 354.5 and HPCL advanced by 2.54 per cent to Rs 400.

The Bombay Stock Exchange Sensitive Index,or Sensex,advanced by 308.23 points,or 1.69 per cent to 18,518.8.