Oil marketing companies end higher after two-day slide

New Delhi, Mar 5 (PTI) Shares of oil marketing companies bounced back on Thursday after a two-day slide amid value-buying at lower levels and recovery in the broader market.

The stock of Hindustan Petroleum Corporation Ltd jumped 4.19 per cent, Bharat Petroleum Corporation Ltd climbed 1.19 per cent and Indian Oil Corporation went up by 0.59 per cent on the BSE.

Shares of oil marketing companies had declined for the second day in a row on Wednesday amid higher crude oil prices due to the deepening conflict in West Asia.

Snapping its four-day decline, the 30-share BSE Sensex rebounded 899.71 points or 1.14 per cent to settle at 80,015.90. During the day, it surged 1,187.64 points or 1.50 per cent to 80,303.83.

The 50-share NSE Nifty climbed 285.40 points or 1.17 per cent to end at 24,765.90, ending its three-day falling streak.

"Markets rebounded on Thursday amid choppy trading, ending with gains of over a per cent, supported by improved global cues and buying in select heavyweights. Strength across Asian markets and buying in large-cap stocks helped lift domestic equities following the sharp correction in recent sessions," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

However, elevated crude oil prices and lingering geopolitical uncertainties continue to keep participants cautious, he added.

Brent crude, the global oil benchmark, climbed 2.19 per cent to USD 83.18 per barrel. PTI SUM SUM MR