Dalal Street s FIIs and DIIs powered the equities euphoria in FY24, Nifty50 rose 27% with BSE market cap up at Rs 125 lakh crore. Smallcap Index soared 60%, driven by strong corporate earnings and US Fed rate cuts for potential FY25 performance.
Notwithstanding the robust turnaround in the financial performance for the June quarter (Q1FY24), stocks of state-run oil marketing companies have been in a downtrend in the last month. The fall comes on a rise in crude oil prices that have surged to a 7-month high of $88 a barrel.
A busy political calendar in the months ahead that may see the government keep a lid on auto fuel prices is also a dampener, analysts said.
Shares of Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) have shed 9-11 per cent since their respective earnings announcement between July 26 to August 4.