Shares of upstream oil companies touched one-year high today despite a weak broader market as investors cheered the decision of key oil producing nations to reduce their overall output.
However, stocks of oil retailers declined up to 4 per cent amid the benchmark Sensex tumbling 0.87 per cent.
Brent crude futures, the international benchmark for oil prices, rose to around USD 58 a barrel, the highest level in more than one year. The uptick follows OPEC and some of the non-members reaching a deal in more than a decade to cut oil output to tackle supply glut and help boost prices.
Shares of ONGC soared 1.43 per cent to close at Rs 311.30 apiece on the BSE. During the trading session, the stock had went up 2.46 per cent to touch one-year peak of Rs 314.45.
The stock of Oil India settled at Rs 443.25, up 0.07 per cent from its previous close. In the intra-day trade, the share climbed 2.5 per cent to Rs 453.80, its 52-week high, on the BSE.
Cairn India ended the trading session at Rs 266.15 on the BSE, up 0.68 per cent from the previuos close. The stock touched its 52-week high of Rs 268.35 in the intra-day trade.
On the other hand, shares of oil market companies --HPCL, BPCL and Indian Oil Corporation (IOC) -- fell up to 4.25 per cent on the BSE.
HPCL plunged by 4.25 per cent to close at Rs 433.60, BPCL dived 3.73 per cent to settle at Rs 611.55 and IOC declined by 2.25 per cent to end at Rs 295.90.
The benchmark BSE Sensex settled at 26,515.24 points, down 0.87 per cent from the previous close.
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