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Stocks of oil marketing firms today surged as much as 7 per cent after Brent crude prices fell following a historic nuclear deal between Iran and world powers.
HPCL stock soared 6.94 per cent to Rs 216.45 apiece, while BPCL rallied 5.57 per cent to Rs 351.25 a share on the BSE. Similarly, IOC shares gained 3.38 per cent to Rs 207.50.
Crude oil prices fell to $93.82 a barrel and Brent crude dropped to $108.54 per barrel.
Market analysts said that hopes of drop in import bill after crude oil prices fell in the overseas market, following a key deal between world powers and Iran on its nuclear programme, fuelled buying in oil stocks.
Capping four days of negotiations, representatives of the P5+1 group of nations — the US, the UK, Russia, China, France and Germany — reached an agreement with Iran in Geneva yesterday.
Under the deal, Iran agreed to give better access to inspectors and halt some of its work on uranium enrichment.
But Iranian authorities insisted they still had a right to nuclear power. In return, there will be no new nuclear-related sanctions on Iran for six months.
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