Oil companies surge after Brent falls to 27-month low

HPCL, IOC, BPCL rose 4.4%, 3.7% and 3.6% respectively

Shares of oil companies surged after Brent fell to 27-month low on global growth, oil glut concerns.

Refiners benefit from lower oil because of higher margins, while explorers benefit from reduced subsidy burdens.

Hindustan Petroleum Corp surges 4.4 percent, Indian Oil Corp rises 3.7 percent while Bharat Petroleum Corp is up 3.6 percent.

Oil and Natural Gas Corp gains 1.7 percent, while Oil India is up 0.3 percent.