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Oil marketing companies such as Indian Oil, HPCL and BPCL recorded smart gains in the early morning trade today, despite an overall downward trend in the domestic stock market.
Analysts said that the stocks have added value amid reports that the Government was moving in a direction of de-control of diesel prices.
HPCL rose 2.4 per cent to Rs 401.85, while IOC was trading over 2 per cent higher at Rs 336. BPCL was 1.04 per cent up at Rs 693.10. Public sector energy giant ONGC was also trading 0.6 per cent higher at Rs 274.80.
At the same time, shares of carmakers were trading with huge losses amid speculations that diesel might get dearer for car owners.
Maruti was down 2.5 per cent at Rs 1,170.45, Mahindra and Mahindra was down 3.03 per cent at Rs 658.70 and Tata Motors was trading 3.4 per cent lower at Rs 882.40.
Meanwhile, the Sensex was trading down 2.45 per cent or 433.01 points at 17,260.17 in the morning trade.
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