Four oil exploration and production stocks rose 1.41% to 2.91% at 10:29 IST on BSE as global crude oil prices recovered after a recent slide.
Oil India (up 1.77% at Rs 339.50), ONGC (up 2.7% at Rs 213.20) and Reliance Industries (up 1.41% at Rs 998.75) edged higher.
Meanwhile, the S&P BSE Sensex was up 313.98 points or 1.31% at 24,276.19.
Higher crude oil prices would result in higher realization from crude sales for oil exploration firms. Crude oil prices rebounded after a recent slide after European Central Bank President Mario Draghi said that the bank might take more measures in March to bolster the economy. Brent for March settlement was currently up 28 cents at $29.53 a barrel. The contract had surged $1.37 a barrel or 4.91% to settle at $29.25 a barrel during the previous trading session.
Cairn India rose 2.91% at Rs 113.20. The company is scheduled to announce its Q3 December 2015 results today, 22 January 2016.
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