Shares of three public sector oil marketing companies rose 1.84% to 3.02% at 11:15 IST on BSE after crude oil prices slumped in the previous session.
HPCL (up 3.02%), BPCL (up 2.92%) and Indian Oil Corporation (IOCL) (up 1.84%), edged higher.
The S&P BSE Sensex was up 102.65 points, or 0.38% at 26,826.64.
In global commodities markets, Brent crude oil futures edged lower. Brent for March 2017 settlement was up 12 cents at $55.06 a barrel. The contract had slumped $2.16 a barrel or 3.78% to settle at $54.94 a barrel during previous trading session on fears that record Iraqi crude exports and growing US output could undermine Organization of the Petroleum Exporting Countries' (OPEC) efforts to reduce supply.
Lower crude oil prices could decrease under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of liquified petroleum gas (LPG) and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
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