The Hindu Business Line : Mixed trend in oil stocks

Though trade ended as a mixed bag for the sector, most counters saw hectic buying during the day, with some scrips slipping at end of trade on profit booking.

Hindustan Petroleum gained Rs 5.75 (close to 2 per cent) and ended the day at Rs 300.95 on the NSE. MRPL and Bongaigaon Refinery also witnessed smart rallies, with MRPL appreciating 3.22 per cent to close at Rs 54.50 and Bongaigaon Refinery posting a 1 per cent gain at Rs 83.85.

On the losing side were BPCL, IOC and ONGC.

BPCL touched an intra-day high of Rs 380, before succumbing to profit booking. The scrip closed at Rs 366.60, down Rs 4.85 from Monday's close. IOC shed Rs 1.06 and ended trade at Rs 430.65.

The ONGC counter also witnessed heavy profit booking with the scrip stumbling to a Rs 6.55 loss to close at Rs 985.10.

Analysts say that while the domestic price increase has helped sentiment in the sector, investors are still worried about the direction that global oil prices will take. Crude oil prices on Tuesday also fell below the $67 mark.

With the US bracing for post-Katrina price movements and the possibility of other hurricanes this season, oil prices continue to be worrisome, even though they have come off the $70-level, an analyst said.

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