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Crude oil prices hitting a two-month low this week fuelled strong movement in stocks of domestic oil marketing companies (OMCs) which jumped over 8% on Thursday.
A fall in Brent crude prices bodes well for oil marketing companies as it lowers their input costs, giving them more headroom to keep competitive prices, which eventually aids their margins.
Shares of HPCL climbed 5.35 per cent to hit a high of Rs 483.40 on BSE. BPCL shares climbed 3.87 per cent to a high of Rs 608.25. IOC also gained 3.22 per cent to hit a high of Rs 174.20.
Kotak Institutional Equities expressed concerns over OMCs' capex plans due to limited pricing freedom. Government's petrol and diesel price cut, along with rising crude oil prices, may impact energy stocks like HPCL, IOC, and BPCL.
Reliance Industries' robust performance contributed 142 points to Nifty 50's total gain of 385 points today, accounting for 37% of the overall rally.