(MENAFN - Qatar News Agency) A bullish stock market propelled the Bombay Stock Exchange (BSE) benchmark 30-stock index above 20,000 points for the first time in two years last week over energy sector reforms.
The oil and gas sector index was up 287.24 points or (3.09%) when trading closed on the Bombay Stock Exchange (BSE) for the weekend.
Trading opened Friday morning at the Thursday's close of US 172.525 (Rs 9,283.79), saw a high of US 180.783 (Rs 9,728.12) and close the day at US 177.863 (Rs 9,571.03)
The combined market capitalisation of eight of the top 10 BSE Sensex companies shot-up by US 17,268,717,375.00 (Rs 929.25 Billion) when trading closed on Friday evening.
Barring Coal India and HDFC Bank, rest of the eight companies among the top 10 saw rise in their value, including Reliance Industries, Oil and Natural Gas Company, Tata Consultancy Services and ITC.
The increase in diesel prices and partial deregulated approach towards future price changes led to massive buying in oil and gas stocks, independent analysts said, explaining the spurt.
Led by Indian Oil Corporation, shares of oil had Friday shot up by as much as 19% after the government virtually deregulated diesel, raising prices by 0.93 cents (50 paise, half a rupee) per litre and planned similar monthly hikes in future to cut record subsidies.
Shares of Indian Oil Corporation soared 18.7% to US 6.968 (Rs 375) its 52-week high level on the BSE. Hindustan Petroleum's scrip rose 9.51% to a one-year peak of 7.033 (Rs 378.5), while BPCL surged 9.47% to 8.05 (Rs 433.40) its 52-week high.
ONGC rose the most among Sensex stocks by 12.59% to 6.58 (Rs 354.10) while Oil India Corporation was trading higher by 9.38% 10.46 ( Rs 563.2).