OMC stocks rally after sharp fall in crude prices

Image
Press Trust of India New Delhi
Last Updated : Jul 17 2018 | 6:25 PM IST

Shares of oil marketing companies HPCL, Indian Oil Corporation and BPCL surged by up to 6.3 per cent today after global crude prices plunged.

Hindustan Petroleum Corporation Ltd stock soared 6.31 per cent, followed by IOC 4.26 per cent and Bharat Petroleum Corporation Ltd 2.97 per cent on BSE.

Also, Jet Airways (India) gained 2.96 per cent, InterGlobe Aviation 2.22 per cent and SpiceJet 0.45 per cent.

"Both the benchmark Sensex and the Nifty traded the day on a firm note as a steep fall in crude oil prices gave a fillip to positive domestic sentiment," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

Brent crude dipped below the USD 72-mark, to quote at USD 71.67 a barrel, while WTI slipped to USD 66.89 a barrel.

The BSE 30-share index ended the day at 36,519.96, up 196.19 points.

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

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

More From This Section

First Published: Jul 17 2018 | 6:25 PM IST

Next Story