OMC Stocks Rally As Crude Oil Falls Below $80: HPCL, BPCL, IOC Gain Up To 2.5%

Summary

Shares of India's state-run oil marketing companies, including Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation Ltd, and Indian Oil Corporation Ltd, have risen up to 2.5 percent as global crude oil prices continue to fall. International benchmark Brent crude has slipped below 80 dollars per barrel, a three-month low, and US benchmark West Texas Intermediate crude is trading near 75 dollars per barrel. The decline in oil prices is expected to improve profitability for fuel retailers and ease broader macroeconomic concerns, including inflationary pressures and India's balance of payments position.