Equity Alert: Oil retailers fall 3-6% despite fuel price hike Wed

[K.Karthik Raja]

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Equity Alert: Oil retailers fall 3-6% despite fuel price hike Wed
MUMBAI--12:25PM--State-run oil marketing companies were down 3-6%
as
investors continued to take profits after recent gains in the sector,
dealers
said.
Analysts remain sceptical on the companies' profitability despite
the
recent fuel price hike, and term the hike "too little too late".
The government Wednesday raised prices of petrol by 5 rupees per
1L,
diesel by 3 rupees per 1L and cooking gas by 50 rupees a cylinder.
Bharat Petroleum Corp was down 3% at 312 rupees, Hindustan
Petroleum Corp
and Indian Oil fell 5.5% each, at 228 rupees and 395 rupees,
respectively.
HPCL is likely to find immediate support at 226 rupees, a
technical analyst
said. He sees resistance for the stock around 241 rupees.