This Article is From Jul 04, 2014

Sensex, Nifty Rebound; Oil & Gas Stocks Rally

Sensex, Nifty Rebound; Oil & Gas Stocks Rally

Nifty recovered in late trade to hit a new high, led by strong buying in oil & gas stocks after the Press Trust of India citing sources said the oil ministry is likely to move Cabinet Committee on Political Affairs for raising kerosene and LPG prices as recommended by an expert committee.

The oil ministry is likely to recommend raising kerosene price by Rs 4-5 per litre and LPG by Rs 250 per cylinder to the Cabinet committee, according to the recommendations of Kirit Parikh panel, the Press Trust of India said. However, last month the government had said that it has no plans to hike LPG and kerosene prices.

The Nifty hit a new high of 7,758 in late trade while Sensex was close to all-time highs. The BSE oil & gas index rose nearly 2 per cent, with Reliance Industries up nearly 2.7 per cent and ONGC advancing 1 per cent.

Some buying was also seen in banking stocks with HDFC Bank, ICICI Bank and Axis Bank rising nearly 0.6-1 per cent.

At 3:22 p.m., the Sensex was up 142 points at 25,966 while Nifty rose 39 points to 7,753.

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