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Weak day for oil & gas stocks

November 17, 2009

Shares in ONGC dropped over 2 percent and ended as the top Sensex loser as the broader market closed just 18 points higher.

The Oil & Gas Index slipped around 0.7 percent in trade, with ONGC, BPCL and Reliance among the losers.

Energy major Reliance Industries shed 0.7 percent to 2,133.75 rupees, as the energy major did not make any major announcement at its annual general meeting today. Chairman Mukesh Ambani said the company would work towards attaining global scale for its conventional energy platform and invest in new businesses such as retailing and alternative energy.

The BSE Oil & Gas Index has gained over 8 percent this month – a little higher than the benchmark’s gain of 7.2 percent in the same period.

Do you think it is a good time to allocate funds to this sector?

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