Soaring oil stocks see Sensex rising for fourth straight day

The BSE benchmark Sensex on Friday erased initial losses to end 19 points higher on fag-end buying in oil and gas stocks triggered by expectations of hike in fuel prices, stretching market's gains to the fourth straight day.

The Sensex rose by 19.30 points, or 0.10 per cent, to close at 19,784.08. The gauge has climbed to its highest level since January 2011 on the back of the recent rally.

Buying was seen mainly in refinery, PSUs and IT counters. Smart rise in ICICI Bank, TCS, ONGC, Infosys, SBI and BHEL shares helped the index cement gains.

Outside the index, BPCL, HPCL, IOC and Gail gained in 1.8-5.5 per cent range on hopes that a proposed revision in the government's pricing formula would boost gas prices.

Additionally, Oil Minister M Veerappa Moily has allowed Reliance Industries (RIL) and Cairn India to explore for oil and gas within the producing fields subject to certain conditions. Cairn jumped 3 per cent while RIL closed almost flat.

The broad-based National Stock Exchange index Nifty gained by 6.65 points, or 0.11 per cent, to 6,016.15, after touching the day's low of 5,981.55.

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