Three public sector oil marketing companies dropped by 0.1% to 0.56% at 12:15 IST on BSE as crude oil prices surged yesterday, 26 March 2015.
Meanwhile, the S&P BSE Sensex was up 30.99 points or 0.11% at 27,488.57.
Among PSU OMCs, BPCL (down 0.56%), HPCL (down 0.1%) and Indian Oil Corporation (IOCL) (down 0.39%) declined.
BPCL had outperformed the market over the past one month till 26 March 2015, rising 2.53% compared with the Sensex's 4.48% fall. The scrip had also outperformed the market in past one quarter, gaining 18.61% as against Sensex's 0.79% rise.
HPCL had outperformed the market over the past one month till 26 March 2015, gaining 3.28% compared with the Sensex's 4.48% fall. The scrip had also outperformed the market in past one quarter, gaining 13.54% as against Sensex's 0.79% rise.
IOCL had outperformed the market over the past one month till 26 March 2015, rising 6.85% compared with the Sensex's 4.48% fall. The scrip had also outperformed the market in past one quarter, gaining 6.62% as against Sensex's 0.79% rise.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.60, compared with its close of 62.68 during the previous trading session.
Brent crude oil futures declined after sharp gains in the previous session as worries of a disruption to crude supplies due to Saudi Arabia-led air strikes in Yemen eased. Brent for May settlement was off 96 cents at $58.23 a barrel. The contract had gained $2.71 a barrel or 4.79% to settle at $59.19 a barrel yesterday, 26 March 2015. Global oil prices had surged yesterday, 26 March 2015, as air strikes in Yemen by Saudi Arabia and its Gulf Arab allies sparked fears that escalation of the Middle East battle could disrupt world crude supplies.
Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel. However, a firmness in rupee against the dollar reduces adverse impact due to higher oil prices. A firm rupee reduces cost of crude oil imports.
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