BPCL share price closed trading session 6.23% higher at Rs 366 apiece on India’s benchmark stock market index Nifty. Oil and gas stocks were buoyant. Nifty Oil & Gas Index jumped 2.37%. While, global oil benchmark brent crude oil prices traded 0.17% higher around Rs 71.77 per barrel.

IOC share price closed 4.58% higher, while, HPCL share price jumped 3.33% to close at Rs 424 apiece on the NSE.

BPCL Share Price Performance

BPCL has given returns of 5% in last 30 days

The oil and gas stock is up 23% in past six months

The scrip has more than doubled in last one year

Brent crude prices have fallen 20% in the last five months. Reduction in  crude oil prices is perceived by investors as good news for Oil Marketing Company (OMC) stocks. Oil is refined into petrol and diesel and sold by these OMCs. Fall in its prices tend to increase their margins. This positively impacts their overall profitability  and this makes investors bullish on these stocks.

IOC Share Price Performance

The oil and gas stock has given returns of 3% in last one month

IOC share price is up nearly 8% in last six months

The stock has almost doubled in last one year

Other stocks which were market gainers in Nifty Oil & Gas Index were Gujarat Gas, Petronet LNG, Gujarat State Petronet, and GAIL India. 

HPCL Share Price Performance

HPCL share price is almost 8% in last 30 days

The oil and gas stock has given return of  close to 39% in past six months

The scrip is up 155% in last one year

India’s OMCs made a killing when these retailers bought crude oil from Russia at very low prices and exported at higher levels in the international market.

On Friday, India’s two benchmark stock market gauges Sensex and Nifty closed lower. The former settled 264 points lower at 85,571.85 levels, while, the latter closed slightly lower at 26,178.95.