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The government raised diesel prices by about 9 percent late on Friday after months of delay, a politically unpopular move that will add to inflationary pressure but also eases the government's subsidy burden and could bolster its image among wary investors.
The 30-share BSE index was up 0.08 percent at 18,254.74 points, with 12 components advancing.
Explorer Oil & Natural Gas Corp rose more than 8 percent, while oil marketing companies Hindustan Petroleum Corp , Bharat Petroleum Corp and Indian Oil Corp gained more than 4 percent each.
The 50-share NSE index was up 0.1 percent at 5,477 points.
Copyright Reuters, 2011