Refinery stocks back in focus as crude dips

DALAL STREET SPIKES

Oil and gas stocks ended higher on easing oil prices and positive outlook by a leading broking firms on Wednesday.

Oil refinery and marketing PSUs are back in the limelight which were hammered when the oil prices soared to a high of $55 a barrel. Market sources said the sentiment has turned positive towards PSU oil stocks with easing oil prices and buy-call on stock specifics by domestic brokerage firms.

In Wednesday's trading, BPCL was up 3.38 per cent to close at Rs 408.95 on the BSE. HPCL was up 3.52 per cent to Rs 348.25, Chennai Petroleum up 3.22 per cent to Rs 243.45, Indian Oil up 3.17 per cent to Rs 484.80 and IBP was up 3.38 per cent to Rs 556.10 traded higher on sustained buying interest.

The BSE Oil & Gas index ended 43.04 points, or 1.42 per cent, higher at 3,079.53.