The stocks of major oil and gas companies were trading higher on Tuesday, following the hike in the petrol and diesel prices by 80 paise per litre after four months, and the price of LPG cylinders was hiked by Rs 50.
Oil and gas shares were witnessing strong buying interests. According to the National Stock Exchange, the sectoral index of Nifty Oil & Gas rose at least 1.58 per cent.
The shares of the country’s largest oil company, the Indian Oil Corporation (IOC) rose 1.69 per cent at Rs 120. Shares of Bharat Petroleum Corporation Ltd (BPCL) surged 1.96 per cent at Rs 363, whereas shares of Hindustan Petroleum Corporation Ltd (HPCL) rose 1.45 per cent at Rs 279.
Amongst other oil producers in India, the shares of government-owned Oil and Natural Gas Corporation (ONGC) Ltd edged higher by at least 0.57 per cent at Rs 174. ONGC was amongst the top gainers on Tuesday.
In the international market, the Brent crude oil benchmark was trading at $119.40 per barrel. Shares of the country’s largest private sector company Reliance Industries also rose by 2.5 per cent to Rs 2,530.