Shares in Oil Marketing Companies rose even as prices of Brent Crude fell below the $80 marl. A fall in crude prices is seen as good for oil marketing companies in India.
BPCL was up almost one per cent, while HPCL was trading higher by close to 2 per cent. Dealers say that the rally in oil marketing stocks may continue as long as crude continues to fall.
However, a drop in crude prices is not good oil exploration and production companies. Cairn India has been falling sharply ever since crude prices have been falling.