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| OMCs recover early losses, end flat |
| BS Reporter / Mumbai Oct 20, 2009, 16:06 IST |
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BPCL ended flat at Rs 528 with trades of over 134,100 shares on the BSE.
HPCL managed to rebound sharply and touched a high of Rs 375 - up 5.6% from the day'slow. The stock finally ended near the day's high at Rs 372 - up 2%.
IOC could not gain much and ended flat at Rs 640. Around 111,953 stocks have changed hands at the counter today.
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(Updated at 1023 hrs)
Oil Marketing Companies (OMC) have slipped in early trades as a result of crude oil gaining to one year highs on Monday.
Oil hit a one-year high on Monday above $79 a barrel, driven by bullish sentiment across financial markets. However it later slipped back as traders questioned whether ample fuel supplies justified current price levels. Crude prices have gained more than 10% in October, spurred by a weak $ and bullish sentiments across markets. The $ is close to 14 month lows against most currencies.
BPCL opened at Rs 525 and slipped to a low of Rs 511 - down 3.2%. The stock is now trading down 1.7% at Rs 519. Over 16,900 shares have changed hands so far on the BSE.
HPCL opened at Rs 362 and slipped 3% to the day's low of Rs 355. It is trading with a loss of 1% at Rs 362. The counter has witnessed trades of over 43,100 shares.
IOC is trading flat at Rs 640 after touching a low of Rs 631 - down over 1%. Around 7,101 shares have been traded at the counter on the BSE so far.
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