Oil marketing companies gain as crude prices fall to 4-year lows

MUMBAI: Shares of oil marketing companies rose by as much as 3 per cent today following global crude oil prices falling to four-year lows.

Hindustan Petroleum Corporation Ltd shares gained 3.25 per cent to close at Rs 547.85. Bharat Petroleum Corporation Ltd scrips were up 1.80 per cent at Rs 720.05 on the BSE.

Shares of Indian Oil Corporation rose by 1.79 per cent to settle at Rs 349.25 apiece.

"Among the day's major market moving events, Brent crude marked its new 50-month low of USD 76.4 a barrel and this was a big plus for OMCs for the day," said Hiren Dhakan, Associate Fund manager, Bonanza Portfolio.

Fall in the global crude oil prices to four-year low also boosted the market sentiment. India imports nearly 80 per cent of its oil requirements. In the broader market, the BSE Sensex ended at 28,438.91, up 52.72 points.