Oil Companies gain at BSE Sensex

TNI Bureau: The BSE Sensex rose 1.7 per cent on Thursday, thanks to the high growth shown by the Oil Companies following the Rs 7.50 per litre hike in petrol prices.

The BSE Sensex rose by 1.72 per cent to close at 16,222.30 points, which is its biggest daily percentage gain since March 30. The Nifty rose 1.77 percent to 4,921.40 points.

The Indian Oil Corporation (IOC) has already ruled out any roll back in petrol prices, saying such a decision was needed to give a boost to the oil companies, which are facing losses for years.

The Oil and Natural Gas Corporation (ONGC.NS) rose 5.85 per cent, while the Bharat Petroleum Corporation registered a gain of 5.2 per cent.