Shares in oil marketing companies rallied after crude oil prices slumped. An upgrade on stocks like HPCL and BPCL by a leading foreign broking firm, also pushed these stocks higher.
BPCL was trading with gains of 3 per cent, while HPCL was trading with gains of 2 per cent. Crude oil prices slumped in trade after worries over Chinese consumption. Extremely high production in Saudi Arabia also kept a lid on prices. Brent Crude was trading at $55 a barrel on record Saudi output.
Poor data from China also saw selling pressure in crude oil.