HPCL, BPCL recover as crude oil retreats

The stocks of oil marketing companies were buzzing on the bourses on Monday as crude oil prices in the international market dropped by more than 1 per cent.

At 2:51 hours, the stock of Hindustan Petroleum was quoting Rs. 177.60 per share, up by Rs. 12.55 or 7.60 per cent, Indian Oil was at Rs. 124.10, up by 5.12 per cent, while Bharat Petroleum was up by 1 per cent at Rs. 268.30. The stock of India's major oil refiner Reliance Industries was also buzzing up by more than 4.28 per cent or Rs. 44.95, at Rs. 1,094.80 per share on Monday.

In the international market, Brent crude oil futures were at US$83.12 per barrel, down by 1 per cent for Dec 2018 contract. This drop is in the back of US government mulling to waive-off Iran oil import sanction on some countries. US sanctions on oil import from Iran will come to effect from November 4 onwards, in anticipation of which crude oil saw an upward rally.

Meanwhile, the Indian equity market staged a bounced with the benchmark BSE Sensex at 34,468.84, up by 91.85 points or 0.27 per cent, while NIFTY 50 was at 10,352.65, up by 36.20 points or 0.35 per cent.