Shares of three public sector oil marketing companies fell by 1.06% to 1.49% at 13:30 IST on BSE as crude oil prices gained in previous session and rupee weakened against the dollar.
Meanwhile, the BSE Sensex was down 218.78 points, or 0.82%, to 26,549.71.
Among PSU OMCs, Indian Oil Corporation (IOCL) (down 1.06%), BPCL (down 1.49%) and HPCL (down 1.47%) edged lower.
Shares of BPCL had outperformed the market over the past one month till 5 June 2015, gaining 10.17% compared with 2.45% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.49% as against Sensex's 9.1% fall.
Shares of HPCL had outperformed the market over the past one month till 5 June 2015, gaining 8.55% compared with 2.45% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 5.9% as against Sensex's 9.1% fall.
Shares of IOCL had underperformed the market over the past one month till 5 June 2015, falling 2.8% compared with 2.45% decline in the Sensex. The scrip had however outperformed the market in past one quarter, gaining 1.62% as against Sensex's 9.1% fall.
In global commodity markets, Brent crude oil futures edged lower today, 8 June 2015. Brent for July settlement was off 11 cents at $63.20 a barrel. The contract had gained $1.28 a barrel or 2.06% to settle at $63.31 a barrel during the previous trading session on Friday, 5 June 2015.
Oil cartel Organization of the Petroleum Exporting Countries (OPEC) on Friday, 5 June 2015 decided to keep its collective output level unchanged at 30 million barrels a day. This was the second time in six months it decided to take no action amid a global glut of crude and weak oil prices.
In the foreign exchange market, the rupee edged lower past 64 mark against the dollar. The partially convertible rupee was hovering at 64.065, compared with its close of 63.755 during the previous trading session.
Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel. A weak rupee will increase cost of crude oil imports.
Powered by Capital Market - Live News
