Money on the markets
A maturing market amid the mayhem
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.
The BSE Oil & Gas index ended as the worst sectoral performer on Thursday, posting losses of 1.8 percent, as the Sensex slumped 255 points on increased expectations of a rate hike.
Reliance Industries and Cairn India dropped over 2 percent each and were the top losers in the index. ONGC slipped 1.97 percent.
The government released the economic survey report on Thursday which said India could see growth of around 7 percent this year if it makes sweeping reforms and speeds infrastructure development. (Click here for complete coverage)
Reliance Industries, which has an over 14 percent weight in the benchmark, led the fall, slipping over 2 percent to 1,959 rupees. ITC, ONGC and BHEL were the other contributors.
The BSE Sensex ended 0.69 percent higher on short-covering ahead of the monthly derivatives expiry. Gains were capped by worries about the health of the global economy.
Trade was volatile and the 30-share sensitive index swung from an intra-day low of 14,207 to an intra-day high of 14,479 and closed 98 points higher at 14,422. The fifty-share Nifty ended 1.08 percent up at 4,293.
The BSE Sensex erased early losses to end flat, tracking global markets as concerns about the prospects for an economic recovery pushed key indices into negative territory.
The market remained volatile ahead of the expiry of the current months derivative contract on Thursday. The rise in the benchmark was led by Reliance Industries, HDFC, BHEL and ONGC.
The 30-share sensitive index swung from an intra-day high of 14,394 to an intra-day low of 14,016 and closed 2.1 points lower at 14,324. The fifty-share Nifty ended 0.28 percent up at 4,247.
The Sensex closed at 15,411 after recovering over 150 points from the day’s low. The index was led lower by losses in Infosys, ONGC and SBI.
The rally was led by heavyweight counters like ICICI, ONGC and Reliance Industries.
An over 1 percent loss in Reliance Industries and a 3.4 percent loss in ONGC led the benchmark lower to close at 12,020 points.