Stocks Of OMCs, Aviation Companies Surge As Hopes Of Peace Deal Ease Crude Oil Prices
· Free Press Journal
The stocks of oil marketing companies and airline operators climbed on Monday as hopes of a peace agreement between the United States and Iran eased crude oil prices.
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The stock of Indian Oil Corporation climbed up to 4.1 percent. The stock opened higher by 2.8 percent at Rs 143.50 compared to the closing price on Friday of Rs 139.50 apiece.
The stock further surged to Rs 145.30 apiece in early trade. This was 4.1 percent higher than the previous close.
Similarly, the stock of Hindustan Petroleum surged up to 5.8 percent. It opened at Rs 401.05 apiece compared to the previous close of Rs 389.70 apiece.
Sensex Jumps 874 Points, Nifty 23,983 As Crude Oil Crashes Below $100The stock further surged to Rs 412.55 apiece, which was over 5.8 percent higher.
The stock of Bharat Petroleum also opened 4.4 percent higher at Rs 308.70 apiece compared to the previous close of Rs 295.55 apiece.
The scrip climbed over 4.5 percent to Rs 309 apiece during early trade.
Apart from OMC stocks, aviation companies also gained on Monday.
The stock of IndiGo, the country’s largest aviation company, opened 1.3 percent higher at Rs 4,500.10 apiece compared to the previous close of Rs 4,438.70 apiece.
It further climbed to Rs 4,536.75 apiece, which was 2.2 percent higher than the previous close.
The stock of SpiceJet, another aviation major, also surged up to 4.6 percent during early trade.
Rupee Soars 40 Paise To 95.20 Against Dollar On US-Iran Deal HopeThe rally in the stocks came after relatively positive investor sentiment helped the market as the United States and Iran moved closer to a peace deal.
During the 11 weeks of the West Asia conflict, oil companies and flight operators faced the biggest impact on business as higher crude oil prices pushed margins into negative territory.
Today’s surge in OMC stocks was also supported by the hike in fuel prices by over Rs 2 per litre. This is the fourth time in the last 11 days that OMCs have raised fuel prices.