Money on the markets
A maturing market amid the mayhem
Shares in state-run oil marketing companies rallied on Friday as oil prices slid after a huge earthquake and tsunami swept Japan.
BSE Oil & Gas index ended 0.8 percent higher and was among the top performing sectors in trade while the broader index slipped 0.8 percent.
Bharat Petroleum Corp and Hindustan Petroleum Corp firmed 0.3 percent and 1.7 percent.
The BSE Oil & Gas sector ended 2.2 percent higher on Monday, the first full day of trade after the government raised fuel prices as part of a plan to move towards a market-determined price regime.
The government freed up state-subsidised petrol prices and raised the prices of other fuels as pressure to trim a budget deficit seemed to outweigh concerns about its political impact.
The BSE Oil & Gas Index recouped early losses and ended marginally up on Tuesday after the oil minister said a decision on fuel prices would be taken on Friday.
Earlier this month, the government deferred a decision on raising fuel prices, the second time in a year that it has tripped on pushing the politically-sensitive reform measure that could help trim a budget deficit.
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.
The BSE Oil & Gas Index dropped 3.4 percent on Friday in a broader market that fell 2.7 percent to its lowest close in three months.
Reliance Industries led the Oil & Gas Index fall with a 3.7 percent drop.
According to CNBC TV18’s business channel, the energy major has submitted a $2 billion expression of interest for private Canadian firm Value Creation Inc, which holds oil sands assets. Reliance fell to 981.30 rupees, its lowest close in three months.
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.