Mumbai: The BSE Sensex and NSE Nifty advanced around 1 per cent as the steep hike in petrol prices raised hopes that diesel and LPG prices will also be increased.
A government committee headed by Finance Minister Pranab Mukherjee will meet on Friday to discuss raising diesel, liquefied petroleum gas (LPG) and kerosene prices, a finance ministry official said on Thursday.
Goldman Sachs says it expects limited hikes of about Rs 3 a litre in diesel, Rs 50 per cylinder in LPG, and possibly Rs 2 a litre in kerosene.
CLSA in a note says an "ad-hoc price increase" in other fuels "is just a matter of time."
The BSE benchmark shot up 216.57 points or 1.36 per cent to 16164.67 and the NSE benchmark moved up above 4900 level again to 4,904.50, up 68.85 points or 1.42 per cent.
State-owned oil & gas producer ONGC went up nearly 6 per cent while Oil India was up nearly 2 per cent
Private sector lenders ICICI Bank and HDFC Bank rallied 2 per cent each while state-owned lender State Bank of India rose 0.6 per cent. Housing finance company HDFC jumped 3 per cent.
India's most valued stock Reliance Industries was up 1 per cent and top telecom operator Bharti Airtel shot up 4 per cent.
Software services provider Infosys and Wipro were up 1-2 per cent whereas rival TCS fell 0.4 per cent.
Shares of ITC, Larsen & Toubro, M&M and GAIL rose over 1 per cent while Maruti fell more than 1 per cent.
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