Shares of five oil exploration and production firms were up 1.4% to 2.8% at 13:10 IST on BSE on the back of rising global crude oil pries.
Cairn India was up 2.8% at Rs 147.75. ONGC was up 1.6% at Rs 219.30. Oil India was up 1.9% at Rs 359 and Hindustan Oil Exploration Company was up 1.4% at Rs 35.80.Reliance Industries, a heavyweight in the 30-share S&P BSE Sensex and the Nifty 50 index, was currently up 2% at Rs 973.95.
Meanwhile, the Sensex was off 229.06 points or 0.85% at 26,791.60.
Stocks of oil exploration and production (E&P) firms edged higher on the reckoning that higher crude oil prices will result in higher realization for these firms from crude sales if the higher price levels are sustained.
Brent for August 2016 settlement was current off 12 cents or 0.23% at $52.39 a barrel. The contract had risen by $1.07 a barrel or 2.08% to settle at $52.51 a barrel yesterday, 8 June 2016. Prices rose overnight amid ongoing supply outages in Nigeria and a weaker dollar.
Powered by Capital Market - Live News
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app