Ajay Argal of Franklin Templeton believes that any change in stance to lower the pace or the quantum of rate hikes could provide an interim positive trigger for the markets.
So far in this calendar year, BPCL and HPCL have tumbled 13 per cent, and 14 per cent, respectively. However, frontline indices Nifty50 and the S&P BSE Sensex have remained flat during the same period
Except IOC, which managed to hold 200-DMA, other stocks are in no mood to conquer their respective hurdles yet, technical charts indicate
Shares of multiplex restaurant owners are likely to be in focus on easing of Covid-19 related curbs in Maharashtra.
OMC shares traded mixed with HPCL and IOC down 1 per cent and BPCL marginally in the green
The OMC stocks needs to cross and sustain crucial supports to gain on follow-up momentum.
Shares of Oil and Natural Gas Corporation (ONGC) rose as much as 4.6 per cent to hit an intra-day high of Rs 99.35 apiece on the BSE, while those of GAIL and BPCL gained up to 3.5 per cent
BPCL, HPCL, and IOC have corrected up to 22 per cent since their highs of July.
Rising Covid-19 cases in India and talks of a second wave of the pandemic globally are adding to concerns on demand for petroleum products moving forward
Petrol prices on Friday crossed the Rs-80 mark in Delhi as OMCs announced the 20th hike in a row. Petrol price was increased by 21 paise to Rs 80.13 per litre in Delhi. Diesel jumped by 17 paise
SpiceJet, Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) rose up to 5 per cent on the BSE in early trade.
It is likely that the government may ask IOC, HPCL and BPCL to freeze prices as a temporary arrangement, report
HPCL was the top loser in this pack, slipping as much as 7.4% to Rs 337.5 levels, its biggest intraday percentage loss since September 13, 2017
Surge in refining margins provides cushion for three state-run firms