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Shares of oil refiners and aviation companies rose today on lower crude prices.
Hindustan Petroleum Corp surged 4.7 per cent, Bharat Petroleum Corp gained 2.9 per cent and Indian Oil Corp advanced 1.9 per cent.
These companies have recovered from Friday’s falls of around 0.5 to 2 per cent.
Gains have come as global crude prices extend sharp declines after Britain voted to leave EU.
Oil retailers benefit from falling crude prices as their overall losses from selling fuel below cost diminish, say analysts.
Stocks of these three oil marketing companies have outperformed benchmark BSE index so far this year, boosted by a fall in under-recoveries and improving refining margins.
Shares of aviation companies and lubricant makers also gained. Jet Airways (India) Ltd and SpiceJet Ltd were up 2 per cent each, while Castrol India Ltd was 1 per cent higher.
Broader NSE index was almost flat.
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