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Oil & gas index dragged lower by RIL

July 28, 2010

The BSE Oil & Gas Index closed as the top sectoral loser on Wednesday, falling 1.92 percent mainly on losses in Reliance Industries which saw brokerage downgrades.

Shares of Reliance Industries fell 3 percent after brokerages such as Edelweiss, Motilal Oswal and IIFL downgraded the firm saying the company would take longer to increase gas production at the KG-D6 block.

Other losers in the index were Reliance Natural, which fell nearly 1 percent, and GAIL which slipped 0.8 percent.

Prominent among those that bucked the downtrend was Aban Offshore, which jumped nearly 9 percent after the company said it had received a major portion of the $235 million insurance claim for its semi-submersible rig.

Which your favourite pick in this sector? Would you take advantage of the fall in RIL’s price?

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