Shares of five oil exploration and production firms were up 1.4% to 2.8% at 13:10 IST on BSE on the back of rising global crude oil pries.
Cairn India was up 2.8% at Rs 147.75. ONGC was up 1.6% at Rs 219.30. Oil India was up 1.9% at Rs 359 and Hindustan Oil Exploration Company was up 1.4% at Rs 35.80.Reliance Industries, a heavyweight in the 30-share S&P BSE Sensex and the Nifty 50 index, was currently up 2% at Rs 973.95.
Meanwhile, the Sensex was off 229.06 points or 0.85% at 26,791.60.
Stocks of oil exploration and production (E&P) firms edged higher on the reckoning that higher crude oil prices will result in higher realization for these firms from crude sales if the higher price levels are sustained.
Brent for August 2016 settlement was current off 12 cents or 0.23% at $52.39 a barrel. The contract had risen by $1.07 a barrel or 2.08% to settle at $52.51 a barrel yesterday, 8 June 2016. Prices rose overnight amid ongoing supply outages in Nigeria and a weaker dollar.
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