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.
Shares in oil marketing firms like BPCL, HPCL and IOC surged on Monday, helping the BSE Oil & Gas index close marginally in positive.
Shares of such firms rose amid reports that companies have received subsidy from the government to ease selling losses and on expectations that the government may deregulate diesel prices soon.
Oil marketing firms posted decent gains on Thursday, with BPCL’s 5.6 percent rise vaulting it to the top of the gainers list in the BSE Oil & Gas Index.
Other firms like IOC, the country’s biggest oil retailer, rose 2.2 percent, while HPCL and Essar Oil ended 3.5 percent and 2.6 percent higher respectively.