OMC stocks in Wednesday's trade opened with a 4-5% gap up as brent crude oil price lowered below $ 77 per barrel. It is a 2- month low and as per experts the downward trend may continue.
In yesterday's trade, the decline in crude oil price is to the extent of 4-4.5%. And these triggers, with the Saudi Arabia promising to up oil production on a daily basis have provided momentum to oil marketing companies.
Rupee with this decline in crude oil price has gained strength and the domestic currency is trading at around 73.30.
IOC gained with an intra-day high of Rs. 136 on the NSE, with a last quoted price of Rs. 133.80. BPCL reached an intra-day high of Rs. 284.40 and was last trading higher by 4.33% at Rs. 280.70 on the BSE. HPCL also gained in session by as much as over 4% to Rs. 228.60.