HPCL, BPCL, IOC rally 2-4% on low crude price

Shares of oil marketing companies bucked the trend to trade in the green on the back of a sharp dip in Brent crude prices. Shares of HPCL, BPCL and IOC jumped 2-4 percent intraday on Monday. Interestingly, all of them have touched 52-week today when the market is reeling under a pressure by Greece uncertainty. 

Crude is currently below USD 60 per barrel as lower crude prices will aid margins for the OMCs.

Crude oil futures fell 0.67 percent to Rs 3,541 per barrel today as speculators trimmed positions amid a weakening trend in Asian trade. Crude oil for delivery in far-month august at the Multi Commodity Exchange traded down Rs 24, or 0.67 percent, at Rs 3,541 per barrel in 198 lots. Similarly, oil for July delivery moved down by Rs 23, or 0.65 percent, to Rs 3,497 per barrel in 4,683 lots.

The trading sentiment eased in futures trade after crude oil prices fell in Asian trade today as investors digested the implications of Greece rejecting tough austerity demands from creditors which could send the debt-strapped nation crashing out of the eurozone, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude for August delivery plummeted USD 1.88 to USD 55.05 while Brent crude tumbles 50 cents to USD 59.82 a barrel in late-morning Asian trade at the New York Mercantile Exchange.

At 11:10 hrs HPCL was at Rs 787.00, up Rs 14.85, or 1.92 percent, BPCL was at Rs 930.05, up Rs 29.50, or 3.28 percent and IOC was at Rs 422.50, up Rs 6.00, or 1.44 percent on the BSE.