May 07, 2012 03:13 PM IST | Source: Moneycontrol.com

BPCL, HPCL rally on falling oil prices; Cairn tanks

Shares of oil marketing companies rallied 3-6% on Monday while Cairn India corrected more than 5% after the steep fall in crude oil prices. These stocks witnessed heavy volumes during the day.

BPCL, HPCL rally on falling oil prices; Cairn tanks

Shares of oil marketing companies rallied 3-6% on Monday while Cairn India corrected more than 5% after the steep fall in crude oil prices. These stocks witnessed heavy volumes during the day.

Brent crude declined 2.5% to USD 113.2/barrel (Below 200 DMA) while WTI crude fell below USD 97 a barrel (losing more than 6% for last week) after disappointing US jobs data and Greece & France elections.

At 15:01 hours IST, Cairn India was trading at Rs 323, down 3% after hitting an intraday low of Rs 315. Its traded volumes increased 2.37% to 3,35,761 shares as compared to its 5-day average of 99,676 shares.
 
Shares of BPCL gained over 5%, and IOC and HPCL jumped nearly 3%.

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