Commodity Online
MUMBAI: Falling crude Futures in the international market, led the oil and gas stocks towards green on the Bombay Stock Exchange (BSE) as the sectoral index rose close to 1% leading the markets into green.

As the oil and gas stocks trade in green during the afternoon trading session on the BSE, the markets started improving from its negative start during the day. Sensex was trading at 8238.32 levels, marginally up by 0.5% from its previous close.

The BSE oil and gas index rose by 0.78% to 5668.95. The major contributor to the positive run were ONGC Ltd which rose to Rs.666 by 2.17% from its previous close, and private sector leader, Cairn India Ltd, which rose by 1.5% to Rs.161.15.

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Other private sector majors, Essar oil and Reliance Industries Ltd too remained in green as both were trading up by close to 0.5%. Essar oil Ltd was trading at Rs.62.15, while RIL was trading at Rs.1154.20.

U.S. crude futures fell nearly 4 percent yesterday as the concerns over demand in a slowing economy dominated on the Wall Street. However, on Wednesday U.S crude futures had risen nearly 9 percent after a government inventory report showed crude supplies fell unexpectedly last week. According to the report, crude oil supplies were down 700,000 barrels last week to 350.6 million barrels.

Today, crude prices stayed low at USD 44.10 per barrel in the international market, while the domestic prices stood at Rs.2271 per barrel.

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