Mumbai: Shares of oil marketing companies Indian Oil, HPCL and BPCL recorded smart gains in early morning trade on Friday, despite an overall downward move on the bourses.
Analysts said that the stocks have added value amid reports that the government was moving in direction of de-control of diesel prices.
The gains in these stocks were in sharp contrast to huge losses suffered by the overall market in early morning trade.
The benchmark Sensex was down 479.44 points at 17,213.34 points at 0940 hours, mostly because of negative global cues.
Shares of HPCL rose by 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 in early morning trade.
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 the diesel might get dearer for carowners.
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.
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