NEW DELHI: Most of the oil marketing majors, including Hindustan Petroleum Corporation (up 5.45 per cent), Indraprastha Gas (up 2.85 per cent), Indian Oil Corporation (up 2.71 per cent), Petronet LNG (up 2.48 per cent) Bharat Petroleum Corporation (up 2.41 per cent), Reliance Industries (up 1.11 per cent) and GAIL (India) (up 0.50 per cent) were trading up in Wednesday's trade.
Oil stocks gained on reports that the central government might incentivise investments in the oil and gas exploration sector as the GST Council had proposed.

The S&P BSE Oil & Gas index was trading 289 points, or 1.88 per cent, up at 15651 around 1.20 pm (IST).

Benchmark Sensex was trading 89 points up at 32,013, while the Nifty50 index was at 10,044, up 0.27 per cent.

For trending stocks and buzzing news, track this LIVE BLOG from Dalal Street

Oil India (down 0.23 per cent) was the only component of the BSE Oil & Gas index that was trading in the red around that time.

Besides oil & gas, telecom stocks also saw decent gains today. Sterlite Technologies (up 5.43 per cent), Bharti Airtel (up 4.02 per cent), Bharti Infratel (up 2.95 per cent), Vindhya Telelinks (up 2.26 per cent) and Idea Cellular (up 2.19 per cent) lifted BSE Telecom index up by 3 per cent in Wednesday's trade.

HPCL, Bharti Airtel, Bharti Infratel, BPCL, Indian Oil Corp, Bajaj Auto, M&M, Axis Bank, RIL, TCS, HCL Tech, Aurobindo Pharma were among the top gainers in Wednesday's trade.

Dr Reddy's, State Bank of India, Lupin, Tata Steel, Maruti Suzuki and Tata Motors were the top losers of the Sensex index.

On the BSE, 1,322 stocks were advancing whereas 1,266 stocks were lagging and 113 stocks were appearing unchanged.