Oil marketing companies trade weak; Indian Oil hits 52-week low

In past six months, IOCL, BPCL, HPCL has underperformed the market by falling in the range 11% to 13%, against 8% rise in the Nifty 50 index.

Shares of state-owned oil marketing companies (OMC) were trading weak with the Indian Oil Corporation (IOCL) hitting a 52-week low of Rs 363.60 on the National Stock Exchange (NSE) in intra-day trade on Wednesday.

Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) were down 1% to 2%, as compared to 0.07% rise in the Nifty 50 index.

In past six months, IOCL, BPCL, HPCL has underperformed the market by falling in the range 11% to 13%, against 8% rise in the benchmark index.

Analysts at Nirmal Bang Equities expect the upside earnings for OMCs to be