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BSE Oil & Gas Index gains

January 14, 2010

INDIA/ONGC

The BSE Oil & Gas Index ended 2.3 percent higher on Thursday on reports that state-run oil companies may get cash instead of oil bonds as compensation.

Shares in ONGC ended 2.9 percent higher while Hindustan Petroleum rose 1.2 percent. Aban Offshore led the list of losers on the Oil and Gas index with a 1.4 percent drop.

Sensex heavyweight Reliance Industries ended 2.9 percent up with volumes of 1.9 million shares.

The government has been issuing bonds to cover losses at state oil refiners like Indian Oil Corp and Bharat Petroleum Corp Ltd, which are required to sell fuel and cooking gas at lower than market price to control inflation and help the poor.

Would you invest in the oil and gas sector now?

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