August 13, 2014 / 4:33 AM / 3 years ago

State-run oil companies gain ahead of ONGC results

Reuters market eye - Shares of state-run oil companies gain on hopes of better-than-expected results by sector leader Oil and Natural Gas Corp (ONGC.NS) later in the day.

A technician opens a pressure gas valve inside the Oil and Natural Gas Corp (ONGC) group gathering station on the outskirts of Ahmedabad March 2, 2012. REUTERS/Amit Dave/Files

Hopes of lower subsidy losses as crude oil falls help oil retailers.

Brent near 13-month trough below $103 on brisk supplies.

ONGC is up 1.8 percent, while Oil India (OILI.NS) is up 1.2 percent.

Among retailers, Hindustan Petroleum Corp (HPCL.NS) gains 3.3 percent, Bharat Petroleum Corp (BPCL.NS) advances 3.1 percent while Indian Oil Corp (IOC.NS) is higher by 2.9 percent.

abhishek.vishnoi@thomsonreuters.com / abhishek.vishnoi.thomsonreuters.com@reuters.net

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