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Bad day for oil and gas counters

April 8, 2010

RELIANCE-OIL/The BSE Oil & Gas index ended as the worst sectoral performer on Thursday, posting losses of 1.8 percent, as the Sensex slumped 255 points on increased expectations of a rate hike.

Reliance Industries and Cairn India dropped over 2 percent each and were the top losers in the index. ONGC slipped 1.97 percent.

Shares of Essar Oil, however, rose 3.2 percent to end as top sectoral gainer. Essar Group on Thursday said it plans to raise about $2.5 billion by listing its energy and power businesses on the London bourse.

Oil marketing firms HPCL and BPCL ended in the positive.

The oil & gas index has gained 4.8 percent since mid-March. Do you think it is worth taking advantage of this dip?

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