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BSE Oil & Gas sector rises

May 20, 2010

The BSE Oil & Gas Index ended 1.79 percent up in a broader market that closed 0.68 percent higher at 16519.

Lead gainers in the index were energy explorer ONGC, which ended 8.7 percent higher at 1118 rupees, and BPCL which rose 2.8 percent, after the government more than doubled natural gas prices on Wednesday.

Other stocks which contributed to the rise were HPCL and IOC, while Reliance Natural and Cairn India dropped.

A senior government official on Thursday said the government was likely to launch the next round of auctions for oil and gas block exploration in the current financial year.

Do you think the increase in gas prices will take the index to new highs and that it is the right time to invest in this sector?

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