State oil retailers in sweet spot: Macquarie

State-run oil retailers gain after Macquarie says sector headed into "a sweet spot." Oil retailers will benefit from falling diesel subsidy burden and rebounding gross refining margins. Competition from private players is also a year away, Macquarie estimates. Brokerage upgrades Hindustan Petroleum Corp to "outperform" from "neutral" and Indian Oil Corp to "neutral" from "underperform." Maintains "outperform" on Bharat Petroleum Corp.