Stock Market Today: The Israel-Iran war has driven Brent crude oil prices higher to $77 a barrel, resulting in a further decline in the stocks of oil marketing companies (OMCs). Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL), and Indian Oil Corporation Ltd (IOCL) saw their share prices decline further on Friday, 4 October. At the same time, oil producers such as Oil and Natural Gas Corporation (ONGC) share price added to gains, emerging as one of the largest gainers in the Nifty50 pack of stocks. BPCL, however, was among the largest losers.
Brent crude prices, which had risen to around $75 a barrel on Thursday from nearly $70 a barrel a day earlier, further climbed to the $77 a barrel mark by Friday.
Bharat Petroleum Corporation share price declined further 3% today after falling over 5% on Thursday.
Meanwhile, Hindustan Petroleum Corporation share price, which had seen a sharper decline of close to 7% on Thursday, corrected another 5% in morning trades on Friday. Hindustan Petroleum Corporation stock is facing higher pressure than peers as it has a larger proportion of auto fuel retail sales in its portfolio compared to Bharat Petroleum Corporation and Indian Oil Corporation.
Indian Oil Corporation share price after correcting over 4% on Thursday further declined another 3% in Friday's morning trade.
Rising crude prices raise concerns about the marketing margins of OMCs, leading to a fall in their share prices. Oil & gas producers like Oil and Natural Gas Corporation, however, generally benefit from higher oil prices.
ONGC share price gained over 2% in the morning trades on Friday.
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