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The stock of Essar Oil is a big buzzer on the bourses. Dealers say that operators are very active in this counter. Also, with the Reliance Petroleum initial public offering closing with record levels of subscription, bullishness in the sector is very strong and the interest in Essar Oil is partly derived from this.

Analysts say that the rising oil prices have made public sector oil and gas companies unviable buys as the price hike is yet to be factored in. Market speculations at this counter also involve a possible strategic announcement to be made by the company.

The stock shot up by almost 17 per cent on Monday. It touched an intra-day high of Rs 75 and closed at Rs 73.05. It opened for trade at Rs 63.

Volumes were also very significant at this counter. On the BSE, 1.01 crore shares were traded. On the NSE, 2.71 crore shares were traded and total turnover at this counter exceeded Rs 187 crore.

Veena Venugopal

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