Shares of state-run oil marketing companies rose 2.43% to 4.46% after crude oil prices declined in the international commodity market.
Meanwhile, the S&P BSE Sensex was down by 133.21 points, or 0.35% to 38,172.20.
HPCL (up 4.46%), BPCL (up 3.71%) and Indian Oil Corporation (up 2.43%) advanced.
In the commodities market, Brent crude for December 2019 settlement was down 21 cents at $57.48 a barrel. The contract fell $1.20 or 2.04% to settle at $57.69 a barrel in the previous trading session.
Brent crude prices have slumped over 16% from recent high of $69.02 a barrel on 16 September 2019. Surprise US inventory build and weak demand outlook weighed on crude oil prices.
Lower crude oil prices could reduce under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
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