Shares of state-owned oil & gas companies were in focus, with oil marketing companies (OMCs) Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL) rallying up to 6 per cent in an otherwise weak market in Tuesday’s intra-day trade after the companies reported better-than-expected September quarter (Q2FY24) results.
Among shares of upstream companies, Oil and Natural Gas Corporation (ONGC) hit a five-year high ahead of its Q2 results on Friday, November 10, while Oil India was up 2 per cent at Rs 317 on the BSE. At 12:25 PM; S&P BSE Oil & Gas index was up 1.4 per cent, as compared to 0.4 per cent decline in the S&P BSE Sensex.
