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BSE Oil & Gas Index tops sectoral losers

July 5, 2010

reliance12-256x300The BSE Oil & Gas index ended 0.8 percent lower on Monday with all but one of its constituent stocks closing in the red.

The big mover of the day was Reliance Natural, which dropped 27.2 percent after a deal to fold into sister firm Reliance Power valued the company at a steep discount to its market capitalisation on Friday.

The stock ended with trading volumes of 18.7 million shares on the BSE and was the second-most traded counter.

Other big losers in the index included Aban Offshore which slipped 2.54 percent,  and HPCL which dropped 1.9 percent. GAIL was the only stock that closed in the green, rising 0.85 percent.

Stocks in this index, especially those of oil marketing firms, had risen sharply last week when the government decided to free-up petrol prices and hike other fuel prices.

Which is your favourite pick in this sector?

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