No medium term respite for HP, BP or IOC: P Phani Sekhar, Angel Broking

In a chat with ET Now, P Phani Sekhar, Fund Manager-PMS, Angel Broking, shares his views on OMCs.

ET Now: Would you like to buy HPCL, BPCL, IOC given the way how crude has moved in last 72 hours?

P Phani Sekhar: Not from an investing point of view. In near term, as the crude is on the downward spree OMCs might show a bump up of 4-5%. Till there is some price action on the ground post May 22nd, I do not see any medium term respite for HP, BP or IOC.