Shares of oil drilling and marketing companies today rallied as much as 16 per cent following Iran's historic nuclear accord with world powers to end sanctions.
Aban Offshore surged 16.16 per cent, while Dolphin Offshore jumped 3.45 per cent on the BSE.
Shares of Indian Oil Corporation climbed 3.36 per cent, Hindustan Petroleum Corporation Ltd rose by 3.29 per cent and Bharat Petroleum Corporation Ltd was up 2.02 per cent.
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"...Nuclear deal between Iran and other six major powers which could ease the sanctions against Tehran and would boost oil exports once again led to further fall in crude oil prices," said Hiren Dhakan, Associate Fund manager at Bonanza Portfolio.
The easing of sanctions would mean India can freely buy crude oil from Iran.
Iran and six world powers sealed an accord to curb the Islamic Republic's nuclear programme in return for ending sanctions.
With the historic nuclear deal struck today, sanctions imposed by the United States, European Union and United Nations would be lifted in return for Iran agreeing long-term curbs on a nuclear programme.
If approved by the US Congress, it would enable the holder of the world's fourth-biggest crude reserves to ramp up energy exports with the easing of international sanctions on exports in return for curbs on its nuclear programme.
