HPCL, BPCL, IOCL gain on fall in global oil prices

Shares of oil marketing companies (OMCs) like Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) were trading higher by up to 6% in otherwise subdued market after Brent crude prices fell in the international market.
At 11:39 am; HPCL (up 6% at Rs 323), IOCL (5% at Rs 176) and BPCL (3% at Rs 424) were up in the range of 3% to 6% on the BSE, as compared to 0.07% decline in the S&P BSE Sensex.

Shares of aviation companies such as SpiceJet (up 3% at Rs 115), Jet Airways (2% at Rs 393) and InterGlobe Aviation (1% at Rs 1,233) were also up more than 1% on the BSE.

“Oil fell near $64 a barrel as Saudi Arabia and Russia prepared for a clash with allied crude producers over whether to lift output and as China and the US exchanged threats over trade,” the Bloomberg report suggested.