Shares of oil and gas companies surged up to 14 per cent in the intra-day trade on Tuesday as crude oil prices remained near 18-year lows amid demand destruction fears due to coronavirus (Covid-19) pandemic.
At 12:40 pm, the S&P BSE Oil & Gas index was trading around 7.5 per cent higher at 9,907 levels with all the constituents trading in the green. Hindustan Petroleum Corporation was trading 13.65 per cent at Rs 191.05 apiece on the BSE. It hit a high of Rs 191.50 during the day. Similarly, Bharat Petroleum Corporation (BPCL) was up over 11.5 per cent at Rs 306.
Further, GAIL, ONGC, IOC and IGL were up in the range of 8.5 and 6 per cent. In comparison, the S&P BSE Sensex was trading around 3.5 per cent higher at 29,432 levels.
