The Indian markets appear to be en route to some recovery and normalcy, as the marquee indices boomed with gains, trading in positive territory on Wednesday, August 7. The public sector companies, namely energy companies including ONGC, BPCL and Coal India, appear to be aiding this recovery at Dalal Street.
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ONGC, one of the largest and most profitable government-owned energy companies, made major gains in the early hours of the trade on Wednesday. The company’s shares rocketed beyond 6 per cent. At 10:13 IST, the share price jumped 6.83 per cent or Rs 20.90, climbing to Rs 327.00 per share.
Another major energy giant that is owned by the government and doing well in the equity markets today is Bharat Petroluem or BPCL. The company’s shares also rose significantly. The shares rose by 2.85 per cent or Rs 9.55, climbing to Rs 344.25 per share.
One of the most consequential companies in terms of energy in the country, Coal India also saw a boost in its numbers in the early hours of the day’s trade. Coal India shares rose by over 3 per cent, before extending the gains to 4 per cent. The gains rose by 4.04 per cent or Rs 20.20, climbing to Rs 519.80.
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Although marginal, the result-bound NTPC also saw a rise in its numbers. The company shares 0.96 per cent or Rs 4.00, taking the overall value to Rs 419.00.
After two day of red and losses, the Indian indices revived life in the markets as the BSE Sensex jumped by 1.10 per cent or 863.10 points, climbing to 79,456.17. The NSE Nifty also saw its fortunes revive, as the index gained 1.21 per cent or 289.30 points, jumping to 24,281.85.
