Receding oil prices boost HPCL

DALAL STREET SPIKES

Sharp dip in global crude prices helped the domestic oil marketing-cum-refining companies HPCL and BPCL register strong gains in Thursday's trading. Both the counters witnessed aggressive buying from institutional investors, helping the Sensex touch a new high at close.

Sources said that a few foreign funds were aggressive buyers in oil stocks which resulted in renewed interest from other domestic funds. HPCL stock was up 7.95 per cent to close at Rs 370.15 after hitting a low of Rs 385, while BPCL was up 8.03 per cent to Rs 431.40.

Both counters witnessed impressive volumes of more than 11.8 lakh shares and 6.38 lakh shares respectively on the BSE.

Analysts said that the fall in global crude oil prices should come a relief for the oil marketing companies.