Oil majors gain: HPCL, BPCL, IOC share price rises as crude hits 7-month low

By: | Updated: November 2, 2018 1:12 PM

Oil majors gain: The shares of state-run oil market companies (OMCs) namely HPCL, BPCL and IOC surged up to 6 percent, majorly supported by fall in crude prices in the global oil market.

The HPCL shares surged by more than 4 percent to hit intraday high of Rs 239.

Oil majors gain: The shares of state-run oil market companies (OMCs) namely HPCL, BPCL and IOC surged up to 6 percent, majorly supported by fall in crude prices in the global oil market. After Brent crude, the investor sentiment received a big boost as the international benchmark, dropped below the $73-mark to quote at a seven-month low of $72.65 by plunging 3.48 percent, traders told PTI.

The HPCL shares surged by more than 4 percent to hit intraday high of Rs 239. Similarly, the IOC shares soared as much as 4.65 percent to intraday high of Rs 148.45 and the BPCL shares surged by more than 5.75 to touch the day’s high at Rs 299.85.

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Meanwhile, the BSE benchmark Sensex reclaimed the key 35,000-mark after nearly one month by rising by more than 570 points in late morning trade today as buying pace gathered momentum, triggered by fall in global crude prices and encouraging corporate earnings. The uptrend was also fuelled by the positive leads from other Asian markets.

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The 30-share Sensex after opening on a strong note continued its upward trajectory and reclaimed the 35,000-mark to quote 569.96 points, or 1.66 per cent, higher at 35,001.93 points at 1130 hours. It hit a high of 35,029.28.

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