Markets end higher; oil and gas stocks rally

Commentary

oi-Sneha

By Sneha B K

Updated: Thursday, January 17, 2013, 15:57 [IST]

Markets rallied sharply today following reports of the government's decision to partially de-regulate the prices of Oil and also on the back of better than expected earnings season.

The Sensex ended higher by 146 points, while the Nifty gained 37 points in trade.

Shares of HCL Technologies rallied 6 per cent in trade today, following a spectacular set of results. The shares of the company were trading at Rs 713, a level last seen in trading on Feb 20, 2000.

Shares in Oil Marketing Companies, ONGC and Oil India flared, following reports of de-regulation of diesel prices. HPCL rallied 5.49%, Indian Oil jumped 6.61%, ONGC rallied 4 per cent and BPCL gained 3.77%.

IT stocks gained on back on better than expected earnings season. wipro gained 2.63%, Tech Mahindra was up by 2.22% and HCL surged by 5-6%.

Bharti Infratel, will be included in the list of BSE 500 companies with effect from January 21, 2013, with Deccan chronicle making way.

Among the sectoral indices on BSE, Oil & Gas sector was leading the rally followed by Realty, PSU and TECk.

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