Oil marketing companies like BPCL, HPCL and IOC shares gain on lower crude prices

MUMBAI: Shares of state-owned oil marketing companies -- BPCL, HPCL and IOC -- surged up to 4 per cent today amid falling crude oil prices.

The stocks of Bharat Petroleum Corporation Ltd gained 3.93 per cent to Rs 674.10, while Hindustan Petroleum Corporation Ltd was up 2.39 per cent to Rs 451.10 on the BSE.

Shares of IOC rose by 1.60 per cent to Rs 358.20. Fall in global crude oil prices following receding geo-political concerns fuelled buying in these stocks as India imports nearly 80 per cent of its oil requirements.

Marketmen said that lower crude oil prices will help reduce oil marketing companies' under-recoveries.

Oil prices slipped to about $ 102 per barrel. Meanwhile in the broader market, the benchmark Sensex ended the day with a gain of 29.71 points at 26,420.67.