Oil firms log crude gains

STOCK REPORT

Led by heavyweights, key indices ended over 1 per cent up on fund buying in frontline companies and select mid-caps, dealers said.

Oil retailers, up 6-7 per cent, were the biggest gainers as crude oil prices slipped following a ceasefire between Israel and Hezbollah.

Crude slipped 1.5 per cent to $73.23 a barrel, its lowest in August so far.

Prices also eased as BP Plc said it would keep half of its production from Alaska field flowing during pipeline repairs.

The Bombay Stock Exchange Sensex closed 11312.99, up 120.53 points or 1.1 per cent. Intraday, it moved between 11221.86 and 11330.30.

The National Stock Exchange Nifty closed 3313.10, up 38.75 points or 1.2 per cent. Intraday, it moved between 3269.15 and 3317.80.

Turnover on both the exchanges together was Rs 8,300 crore, down 13.45 per cent from Friday.

Oil retailers Bharat Petroleum, up 6.40 per cent at Rs 325.05, and Hindustan Petroleum, up 6.19 per cent at Rs 236.00, led Nifty gainers.

Petroleum Minister Murli Deora has written to the finance ministry, seeking a cut in excise duty on petrol and diesel, which too helped improve sentiment.

Heavyweights Oil and Natural Gas Corporation and Reliance Industries ended at Rs 1,215.30 and Rs 1,029.25, up 1.8 per cent each.

ONGC also gained on news the company's bid for Colombia's Ominex De Colombia has been accepted. BSE Oil and Gas Index gained 1.9 per cent.

Hero Honda Motors, which went ex-dividend on Monday, ended 2 per cent down at Rs 682.55. Other laggards included ICICI Bank, down 1.3 per cent at Rs 576.75, and Suzlon Energy, down 1 per cent at Rs 1,227.80.

Punjab National Bank ended up 1.1 per cent at Rs 414.40 on news the company board on Saturday ratified the recent hikes in lending rates.