Shares of Indian oil producers and retailers jumped high on Friday after the Empowered Group of Ministers (EGoM) announced to re-regulate prices of petrol and diesel in the country. However, the Bombay Stock Exchange benchmark index Sensex slipped 155.71 points on weak global cues.

Sensex ended 0.88 per cent below its previous close at 17,574.53 led by some strong correction in blue chip banking stocks. On the other hand, the broad-based NSE Nifty too witnessed a similar fate and closed 0.97 per cent or 51.55 down at 5,296.05.

All of the banking constituents in the Sensex witnessed sharp fall during the day. While ICICI Bank plunged 3.09 per cent to Rs.857.50, HDFC Bank dropped 2.69 per cent to Rs.1947.80 and State Bank of India declined 2.36 per cent.

However, after the EGoM made its announcement, oil stocks rallied to emerge as the day's best bet. The country's largest public sector unit Oil and Natural Gas Corporation rose 6.35 per cent to be the biggest gainer of the day. Other oil stocks including HPCL, IOC and BPCL shot up over 10 per cent.