Fri, 11 Jan 2013 07:50:10 GMT

Sensex recovers 103 pts in early trade; oil cos shares rally

Mumbai, Jan 10 (PTI) The BSE benchmark Sensex today gained nearly 103 points in early trade, mainly led by a rally in stocks of oil companies on hopes of a hike in fuel prices amid firm global cues.

The 30-share barometer, which had lost 75.93 points yesterday, recovered by 102.53 points, or 0.52 per cent, to 19,769.12 with all sector indices, led by oil and gas and PSUs, rising up to 1.24 per cent.

On the similar lines, the wide-based National Stock Exchange index Nifty gained 29.75 points, or 0.50 per cent, to 6,001.25.
Brokers said fresh buying by funds amid a firming Asian trend after a overnight rally on Wall Street mainly influenced the sentiment here.

Stocks of oil companies were in good demand on hopes of a hike in fuel prices that might reduce subsidy burden and improve revenues, they said.
The oil and gas sector index was up by 1.24 per cent with stocks of state-run HPCL rising 1.99 per cent, BPCL by 2.47 per cent, while Indian Oil Corp by 1.69 per cent.
Meanwhile, in Asia, Japan''s Nikkei was up by 0.94 per cent, while Hong Kong''s Hang Seng gained 0.91 per cent.The US Dow Jones Industrial Average ended 0.46 per cent higher yesterday.

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