Shares of oil and gas companies have moved higher by up to 5% in late noon deals on the Bombay Stock Exchange (BSE). Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation Limited (IOCL), Oil and Natural Gas Corporation of India (ONGC), Reliance Industries (RIL) and Gail India are up between 2-5%.
The S&P BSE oil and gas index, the largest gainer among sectoral indices, has surged 3% or 346 points compared to 1.4% rise in benchmark S&P BSE Sensex at 1515 hours.
According to Bloomberg report, West Texas Intermediate fell amid speculation that last week’s increase to the highest level in nine months was excessive. Brent dropped in London on signs Iraqi forces will slow the advance of insurgents.
Among the individual stocks, ONGC has rallied almost 5% to Rs 447 on the BSE. IOC, BPCL and HPCL have gained 4% each, while Gail India and RIL up 2.4% each.
The S&P BSE oil and gas index, the largest gainer among sectoral indices, has surged 3% or 346 points compared to 1.4% rise in benchmark S&P BSE Sensex at 1515 hours.
According to Bloomberg report, West Texas Intermediate fell amid speculation that last week’s increase to the highest level in nine months was excessive. Brent dropped in London on signs Iraqi forces will slow the advance of insurgents.
Among the individual stocks, ONGC has rallied almost 5% to Rs 447 on the BSE. IOC, BPCL and HPCL have gained 4% each, while Gail India and RIL up 2.4% each.
