Shares in oil marketing companies rallied sharply on hopes that a Iran nuclear deal would keep crdude prices low for long.
Lower crude prices is beneficial for oil marketing companies like Bharat Petroleum Corporation, Hindustan Petroleum and Indian Oil Corporation.
All of these shares were up between one and two per cent on the exchanges today. Earlier these week select world powers signed an agreement with Iran over its nuclear deal in exchange for lifting sanctions on Iran.
The lifting of these sanctions will allow Iran to sell crude oil, which will add to more crude in the international markets thus pushing crude prices even lower.
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