The markets may be trending downward, but the scrips of oil marketing companies (OMCs) are soaring on the bourses. Shares of Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) were among the major gainers on Monday when the markets tumbled. These scrips, however, pared their gains in trading on Tuesday.
Scrips of IOC, BPCL and HPCL have surged 25.2%-36.4% since hitting their yearly lows on October 5. The IOC scrip was one of the biggest gainers on the BSE (Bombay Stock Exchange) on Monday and closed 3.4% higher on a day the benchmark Sensex plunged by about 714 points or a 2% decline.
The broad-based Nifty ended the day with a 205 points loss, a decrease of 1.9%. Read More