PSU Oil Refiners Gain On Dip In Crude Oil Pricel; Defy Market Carnage

Even as Indian benchmark indices staged recovery post sharp losses triggered due to global sell-off, oil refining companies and Yes bank surged the most in intra-day trade on Thursday.

The gains in PSU oil-refiners by as much as 20% are led by a massive dip in oil price since July due to global equity markets turmoil. In today's trade crude prices declined by 1.7% while in yesterday's trade it fell by as much as 2.25% percent. There are expectations that crude prices will average out between $75 and $85 per barrel.

Also, gains in OMC company stocks came on the back of government's intent to not ask these companies to share subsidy burden from kerosene and LPG.

Shares of HPCL surged by 19.75% to record a day's high of Rs. 216.40 on the NSE against previous close of Rs. 180.7. IOC and BPCL also spiked in trade by as much as 5%.

Meanwhile, benchmark Sensex pared sharp intra-day losses to the extent of over 1000 points and was last seen trading lower by -601.02 points (-1.73%) at 34159.87 while Nifty was down 183.3 points or 1.75% at 10276.80

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