Sensex up nearly 150 points; Oil stocks flare up

Last Updated: Fri, Jan 18, 2013 04:31 hrs

Trading got off to a buoyant start on the Indian bourses this morning with investors indulging in some heavy buying in oil stocks. Metal and PSU stocks are among the other top gainers in the early trades.

Bank, capital goods, power and healthcare stocks are trading mixed. Realty, information technology and automobile stocks, with the exception of a select few from these sectors, are a bit subdued in opening trades.

The BSE benchmark Sensex rose to 20,118.39 and is currently at 20,108, up 143.97 points or 0.71% from its previous close. The Nifty index of the National Stock Exchange is up 37 points or 0.61% at 6076.20, slightly off a high of 6079.95.

Shares of state-run oil firms are up sharply this morning following a hike in disel prices after the government allowed oil firms to revise disel prices peridodically.

ONGC is up nearly 11% at Rs 350 on strong volumes. On NSE, the ONGC counter has clocked a volume of around 8.4 million shares till now.

BPCL is up nearly 7%, while Hindustan Petroleum Corporation and Indian Oil Corporation are up 7.5% and 12%, respectively. Oil India is trading almost 8% up. GAIL India is up with a gain of 4%.

Maruti Suzuki, Hindalco, Coal India, State Bank of India, Cairn India, Bank of Baroda, Lupin, ICICI Bank, Cipla, HDFC, Tata Steel and HDFC are trading higher by 1% - 2.5%.

Wipro is down by over 4% despite a surge in net profit. The company has announced that its consolidated net profit rose 6.56% to Rs 1716.4 crore on 3.47% rise in total income to Rs 10989.1 crore for the quarter ended December 2012, over the quarter ended September 2012.

Hero Motocorp is down more than 4.4% following a 20% drop in earnings in the Decemeber quarter. Mahindra & Mahindra, Tata Consultancy Services, Bharti Airtel, Ultratech Cement, Grasim Industries, Hindustan Unilever and Kotak Bank are down 0.6% - 1.8%.

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