Three PSU OMCs rose 1.99% to 3.28% at 10:40 IST on BSE on recent downtrend in crude oil prices amid geopolitical tensions.
HPCL (up 3.28% at Rs 455), BPCL (up 2.81% at Rs 666.85) and Indian Oil Corporation (up 1.99% at Rs 359.55) edged higher.
Meanwhile, the S&P BSE Sensex was up 66.70 points or 0.25% at 26,457.66.
Brent crude oil futures for October settlement were up 25 cents to $101.85 a barrel in electronic trade today, 19 August 2014. The contract had declined $1.93 a barrel or 1.86% to settle at $101.60 on the London-based ICE Futures Europe exchange on Monday, 18 August 2014.
Lower crude oil prices could decrease under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic sale of diesel, LPG and kerosene at controlled prices. The government has adopted the policy of gradually increasing diesel prices to eliminate under recovery and deregulate the diesel prices. The government has already freed pricing of petrol.
Foreign ministers from Russia, Ukraine, Germany, and France gathered in Berlin over the weekend to discuss talks for a ceasefire or a political solution in Ukraine, and Russia's Foreign Ministry said on Monday a 'certain progress' was achieved during the talks.
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