Shares of three public sector oil marketing companies rose by 0.12% to 3.74% at 15:15 IST on BSE as crude oil prices declined.
Meanwhile, the BSE Sensex was down 13.43 points, or 0.05%, to 26,823.97.
Among PSU OMCs, BPCL (up 2.57%) and HPCL (up 0.12%) edged higher.
Indian Oil Corporation (IOCL) was up 3.74% at Rs 350.95. With regard to news item titled "IOC, HPCL in talks with Iraq's SOMO to buy 4m bbls oil for strategic reserves", IOCL after market hours yesterday, 3 June 2015, said that the Government of India has directed IOCL and HPCL to procure crude oil from Iraq for "Indian Strategic Petroleum Reserves", a wholly wwned Government company under the Ministry of Petroleum & Natural Gas set up for storage of strategic reserves. IOCL has only acted as a facilitator for import, the company said.
Shares of BPCL had outperformed the market over the past one month till 3 June 2015, gaining 9.62% compared with 0.64% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 7.66% as against Sensex's 9.31% fall.
Shares of HPCL had outperformed the market over the past one month till 3 June 2015, gaining 7.99% compared with 0.64% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 2.73% as against Sensex's 9.31% fall.
Shares of IOCL had underperformed the market over the past one month till 3 June 2015, declining 6.11% compared with 0.64% decline in the Sensex. The scrip had however outperformed the market in past one quarter, dropping 4.92% as against Sensex's 9.31% fall.
In global commodity markets, Brent crude oil futures edged lower today, 4 June 2015. Brent for July settlement was off 23 cents at $63.57 a barrel. The contract had fallen $1.69 a barrel or 2.58% to settle at $63.80 a barrel during the previous trading session.
Oil cartel OPEC is expected to keep its production target of 30 million barrels of oil per day unchanged at a meeting scheduled in Vienna tomorrow, 5 June 2015. The OPEC meeting is being closely watched for clues about the organization's next moves.
In the foreign exchange market, the rupee fell below 64 mark against the dollar. The partially convertible rupee was hovering at 64.08, compared with closing of 63.91 during the previous trading session.
Lower crude oil prices could decrease 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. However, a weak rupee will increase cost of crude oil imports.
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