Nifty hovers around 9800, Sensex holds gains; ONGC, HPCL rally on merger

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Equity benchmarks continued to trade with moderate gains, with the Nifty hovering around 9,800 level. Auto, FMCG, Metal and Pharma indices gained whereas IT and Bank indices were under pressure.

The 30-share BSE Sensex gained 28.83 points at 31,775.92 and the 50-share NSE Nifty rose 12.45 points to 9,798.50.

Oil Minister Dharmendra Pradhan said the merger between ONGC and HPCL will be completed in current financial year, reports CNBC-TV18 quoting agencies.

PSU oil & gas stocks gained more than 2 percent, pushing the Nifty Oil & Gas index higher by 1.5 percent.

MRPL also rose 3 percent as ONGC holds 71.63 percent stake in the company and HPCL has 16.96 percent shareholding.

Brokerage houses believe this merger will create Indian oil giant like global peers (Shell, BP etc).

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