Shares of three public sector oil marketing firms rose 2.54% to 4.1% at 12:04 IST on BSE as Brent crude oil futures dropped as concerns over a rise in supply from Libya and Iran dragged on prices.
Indian Oil Corporation (up 4.1% at Rs 220.75), HPCL (up 3.37% at Rs 233.20) and BPCL (up 2.54% at Rs 338.70) edged higher.
Meanwhile, the S&P BSE Sensex was down 114.46 points or 0.54% at 21,150.72.
Indian Oil Corporation (IOC) had outperformed the market over the past one month till 16 January 2014, advancing 7.15% compared with the Sensex's 2.93% rise. The scrip had also outperformed the market in past one quarter, surging 5.68% as against Sensex's 3.49% gain.
BPCL had underperformed the market over the past one month till 16 January 2014, sliding 2.47% compared with the Sensex's 2.93% rise. The scrip had also underperformed the market in past one quarter, declining 3.6% as against Sensex's 3.49% gain.
HPCL had outperformed the market over the past one month till 16 January 2014, advancing 5.49% compared with the Sensex's 2.93% rise. The scrip had also outperformed the market in past one quarter, surging 22.21% as against Sensex's 3.49% gain.
Brent crude oil futures for March 2014 delivery were down 28 cents a barrel at $105.47 a barrel in the electronic trading today, 17 January 2014. The February contract expired yesterday after losing 4 cents to $107.09.
In the foreign exchange market, the rupee edged higher against the dollar, tracking gains of other regional currencies against the dollar. The partially convertible rupee was hovering at 61.37, compared with its close of 61.535/545 on Thursday, 16 January 2014.
Lower crude oil prices and gains in rupee against the dollar will reduce underrecovery of PSU OMCs on domestic sales of diesel, kerosene and LPG at government controlled prices.
Meanwhile, Oil Minister Veerappa Moily was quoted by media as saying on Thursday, 16 January 2014, that a panel of ministers has approved sale of a 10% stake in IOC through a block deal on the stock exchanges. State exploration firms ONGC and Oil India will buy the stake, Oil Secretary Vivek Rae was quoted as saying. The transaction is likely within the next week or so, Rae said.
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