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Energy and oil and gas indices advanced 1.2% and 2%, respectively, on September 29, supported by oil marketing companies such as Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) after multiple brokerages said they see stable fuel prices and focus on improving market capitalisation as positives. Nifty public sector enterprises index also rose 1.3%, with BPCL, Oil India Ltd leading the gains.
Shares of oil marketing companies (OMCs) rose after multiple brokerages said government's clarity on pricing reform in crude oil and LPG under-recovery compensation as key positives.
Brokerages' comments come after Minister of Petroleum Hardeep Singh Puri