BSE 500: These stocks are moving in alignment with the volatility in crude oil prices

These oil refinery shares were among the biggest gainers in today’s session.

A group of 7 nations (G7) are contemplating a cap on Russian oil prices to limit Russia’s economic strength from crude oil. In reaction, the crude oil surged given that UAE has expressed its inability to increase oil production, not having any spare capacity. Brent Crude is trading at USD 113 per barrel. In effect, the markets were trading in red and closed almost flat. 

At the closing bell on June 28, the Sensex closed flat at 52,177.45, while the Nifty50 was at 15,850.20. 

Two stocks that have surged in the recent hike in crude oil prices are MRPL and CPCL. In today's session, these two stocks were in action.

Mangalore Refinery and Petrochemicals Ltd (MRPL)witnessed a gain of 9.98 per cent in today’s session and closed at Rs 90.35 which was also the intra-day high for the stock. The shares of MRPL have logged a 52-week high on June 8 at Rs 127.60. The shares of this oil refinery company have been rising and falling sharply in tandem with the crude oil prices with a single day fall of 18.98 per cent on June 20 and continued to correct as crude oil prices eased off globally. 

Chennai Petroleum Corporation Ltd (CPCL), another top gainer in today’s session zoomed 8.91 per cent and closed at Rs 325.75. The recent rally in crude oil prices has resulted in a 124 per cent gain in just 3 months for the shares of CPCL. The shares have logged 52-week high and low of Rs 417.95 and Rs 94.65, respectively.