IOC, HPCL, BPCL Top Gainers on Nifty, Despite Sinking Oil Prices

Shares of oil marketing companies (OMCs) such as IOC, HPCL, and BPCL rallied up to 6 percent on Tuesday as oil prices extended losses on Tuesday after sliding more than 4 percent to hit a three-month low.

Shares of Hindustan Petroleum Corp and Indian Oil Corp gained 6.56 percent to Rs 281.70 and 4.76 percent to Rs 165, respectively on the NSE. Bharat Petroleum Corporation added 3.47 percent to Rs 395.50. HPCL, IOC, and BPCL were the top gainers on the Nifty index.

Falling global oil prices reduce the import bill of oil marketing companies.

Global oil prices fell for a second day on Tuesday as worries about possible disruptions to supply eased and as investors focused on potential damage to global growth from the festering Sino-US trade spat.

Brent crude futures fell 32 cents, or 0.5 percent, to $71.52 a barrel to the lowest since April 17. They fell 4.6 percent on Monday.

US West Texas Intermediate futures were down 31 cents, or 0.5 percent, at $67.75 a barrel. They declined 4.2 percent on Monday.