Oil & gas stocks rally for second consecutive day on Budget announcements

The move, experts believe, will be positive for all public OMCs and upstream companies

Oil, Crude, gas, pump, opec, production, glut

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Pump Jacks are seen at sunrise

Aprajita Sharma New Delhi

Last Updated : Feb 02 2017 | 4:24 PM IST

Shares of oil & gas stocks gained up to 2% after finance minister Arun Jaitley announced to create an integrated public sector oil major after merging the oil sector PSUs across the value chain in order to enhance their capacity to bear higher risks.

The move, experts believe, will be positive for all public oil marketing companies (OMCs) and upstream companies.

Reacting to the development, the BSE oil & gas index rose as much as 1.5% to 13227 in an otherwise flat market. The index had gained 1.5% in Wednesday's trade.

Stocks of Upstream oil players such as Oil India,

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