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Shares of Oil exploration majors ONGC and Reliance are trading higher up to 2% in the morning deals on the BSE after crude oil prices edged higher.
Oil extended gains after US firms cut drilling activity, but analysts doubt the rebound will be sustained as supplies still far outweigh demand.
US benchmark West Texas Intermediate (WTI) for March delivery rose 37 cents to $49.94 while Brent crude for March gained 22 cents to $54.97 in trade.
Oil has lost more than 50% of its value since June last year when the commodity was sitting at more than $100 a barrel, largely due to a surge in global reserves boosted by robust US shale production.
Meanwhile, Reliance Industries has teamed up with state-run behemoth SBI to apply for a payments bank licence. This would bring together the nation's largest banking network and pan-India telecom and retail setup.
