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Oil stocks on Friday rose by as much as 4.2 per cent on hopes of a gradual hike in fuel prices, pushing the benchmark Sensex 121 points higher.
Shares of HPCL soared 4.23 per cent to Rs 292.90, while BPCL rose by 2.23 per cent to Rs 353.05. IOC was up 3.03 per cent.
Buying was also seen in blue chip counters such as RIL and ONGC. RIL moved up by 2.73 per cent to Rs 840.35 and was a significant contributor in market rally. ONGC climbed 2.49 per cent.
Led by gains in these stocks, the BSE Oil and Gas index was up 2.38 per cent.
Market experts said these stocks gained following reports that the government might gradually increase the diesel price to cut subsidies. The Sensex ended the day at 19,444.84, up 121.04 points.
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