HPCL (up 2.04%), BPCL (up 1.66%) and Indian Oil Corporation (up 1%), edged higher.
The BSE Sensex was down 111.41 points or 0.70% at 15,769.73.
HPCL had underperformed the market over the past one month until 14 December 2011, sliding 9.67% compared with the Sensex's 7.23% decline. The scrip had also underperformed the market in past one quarter, sliding 24.24% as against 4.96% fall in the Sensex.
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BPCL had outperformed the market over the past one month until 14 December 2011, falling 6.32% compared with the Sensex's 7.23% decline. The scrip had, however, underperformed the market in past one quarter, sliding 22.36% as against 4.96% fall in the Sensex.
Indian Oil Corporation had outperformed the market over the past one month until 14 December 2011, falling 2.81% compared with the Sensex's 7.23% decline. The scrip had, however, underperformed the market in past one quarter, falling 15.90% as against 4.96% fall in the Sensex.
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 Europe's debt crisis worsened, threatening a recession that may curb demand for commodities. Crude for January delivery yesterday slid 5.2% to $94.95, the lowest close since 4 November 2011.
Lower crude oil prices will decrease under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of diesel, LPG and kerosene at controlled prices. Crude for January delivery was trading higher as much as $0.55, or 0.58% at $95.50 a barrel in Asian electronic trading today.
However, a weak rupee will impact PSU OMCs as the crude oil that refineries process is either imported or priced on import-parity. The Indian rupee dropped to another record low versus the dollar today, 15 December 2011, as concerns heightened slowing domestic growth will spur further capital outflows. The partially convertible rupee hit an all-time low of 54.30 per dollar in early trading, taking losses to about 4% this week.
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