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( 08 Oct 2018)
OMCs rebound after two-day fall; HPCL jumps 6%

Snapping two-day losing streak, shares of state-run oil marketing companies rebounded strongly on the Bombay Stock Exchange on Monday.

The oil companies were under pressure after the government on Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices as it reduced excise duty by Rs 1.50 a litre.

Paring previous session losses, the BSE Oil&Gas index was at 12451.69, up by 308.1 points, or by 2.54 per cent.

Among the individual stocks, Hindustan Petroleum Corporation Ltd. was up 6.57 per cent, followed by Indian Oil Corporation Ltd. (Rs. 124.10,+5.12%), Reliance Industries Ltd. (Rs. 1083.50,+3.21%), GAIL (India) Ltd. (Rs. 338.95,+2.23%), Oil And Natural Gas Corporation Ltd. (Rs. 149.75,+1.91%), among others.

Meanwhile, the broader benchmark BSE Sensex was trading at 34,397.64, up 20.65 points, or 0.06 per cent, from the previous close on the BSE at 10:45 hours.