Sensex gains; ONGC, HPCL rise

Reuters Market Eye - The Sensex is up 0.25 percent and the Nifty rises 0.16 percent. Shares in state-run Oil and Natural Gas Corp rose 2 percent a day after its October-December net profit beat market expectations, while Hindustan Petroleum Corp rose 0.6 percent ahead of its October-December results later in the day.
Jindal Steel and Power falls 1.4 percent ahead of its October-December earnings later in the day.
The government will release industrial output data for December around 11 a.m. According to a Reuters' poll of analysts, the worst is probably over for flagging Indian factories and industrial production could grow an annual 1.1 percent in December.
(Reporting by Abhishek Vishnoi)