Stocks of PSU OMCs in demand; surge up to 4% on oil drop

Stocks of oil marketing companies -- HPCL, BPCL and IOC -- surged as much as 4.3 per cent today following lower oil price.
Shares of Hindustan Petroleum Corp climbed 4.32 per cent, while Indian Oil Corp rose by 3.40 per cent and Bharat Petroleum Corp gained 1.65 per cent on the BSE.
Brent crude for October lost 46 cents to USD 100.31 in afternoon trade after subdued US jobs data fuelled demand concerns and on a cease-fire between Russia and Ukraine.
A lower crude price will help India, which imports about 80 per cent of oil needs, to contain CAD and fiscal deficit.

Meanwhile, in the broader market the BSE ended at 27,319.85, up 293.15 or 1.08 per cent.