Cairn India (down 2.33% to Rs 301.50) and Oil India (down 0.18% to Rs 1,141.50) edged lower. ONGC was up 0.12% at Rs 252.30.
Meanwhile, the BSE Sensex was down 149.52 points, or 0.94% to 15,731.62.
Cairn India had outperformed the market over the past one month till 14 December 2011, falling 2.83% compared with Sensex's 7.23% decline. The scrip had also outperformed the market over the past one quarter, surging 7.19% as against Sensex's 4.96% fall.
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Oil India had underperformed the market over the past one month till 14 December 2011, falling 11.09% compared with Sensex's 7.23% decline. The scrip had also underperformed the market over the past one quarter, declining 13.21% as against Sensex's 4.96% fall.
ONGC had outperformed the market over the past one month till 14 December 2011, falling 3.52% compared with Sensex's 7.23% decline. The scrip had also outperformed the market over the past one quarter, declining 3.3% as against Sensex's 4.96% fall.
Lower crude oil prices will result in lower realization from crude sales for oil exploration firms. Crude oil prices eased after members of the Organization of Petroleum Exporting Countries (OPEC) agreed to raise their output target to 30 million barrels a day and as Europe's debt crisis worsened, threatening a recession that may curb demand for commodities. Crude oil for January 2012 delivery tumbled $5.19 a barrel, or 5.2% to settle at $94.95 a barrel on the New York Mercantile Exchange on Wednesday, 14 December 2011, the lowest level since 4 November 2011. Crude for January 2012 delivery was up 55 cents or 0.58% at $95.50 a barrel in Asian electronic trading today, 15 December 2011.
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