Israel-Iran war drives BPCL, HPCL, IOCL share price further down; ONGC shares extend gains

  • Stock Market Today: The ongoing Israel-Iran conflict has pushed Brent crude oil prices higher, leading to a further decline in OMCs' share price. BPCL, HPCL, and IOC share prices declined. Meanwhile, oil producers like ONGC benefitted from the surge in oil prices.

Ujjval Jauhari
Published4 Oct 2024, 09:36 AM IST
Stock Market today: BPCL  share price among largest Nifty-50 loser and ONGC among largest gainers as Israel Iran war lead to further rise in oil price
Stock Market today: BPCL share price among largest Nifty-50 loser and ONGC among largest gainers as Israel Iran war lead to further rise in oil price

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.

 

Also Read | Israel-Iran war Live: Middle East tensions drive oil prices

Bharat Petroleum Corporation share price declined further 3% today after falling over 5% on Thursday.

 

Also Read | Stock market today: 5 stocks to buy or sell on Friday — Oct 4

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.

 

Also Read | Divyadhan Recycling share price lists with 31% premium at ₹84 on the NSE SME

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.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

 

 

 

 

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First Published:4 Oct 2024, 09:36 AM IST
Business NewsMarketsStock MarketsIsrael-Iran war drives BPCL, HPCL, IOCL share price further down; ONGC shares extend gains

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