Oil & Gas shares in focus; ONGC, Oil India, Gail rally up to 10%
Shares of state-owned oil & gas companies rallied up to 10 per cent on the BSE in the intra-day trade on Friday as crude oil prices extended their northward journey. On Thursday, Brent crude price crossed $50 per barrel-mark for the first time since March on demand recovery and hopes of Covid-19 vaccine.
Among individual stocks, ONGC rallied 10 per cent to Rs 101 in the intra-day trade amid reports that Morgan Stanley has upgraded the stock, citing a higher probability of recovery in average selling prices and improved outlook on domestic production.
The stock of oil & exploration company crossed the three-digit mark for the first time since February 2020. In the past one month, it has rallied 40 per cent as compared to a 6-per cent rise in the S&P BSE Sensex.
