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Taking cues from the falling crude oil prices, the domestic oil marketing companies HPCL, BPCL and IOC surged 2 to 5 per cent on Monday.
Global crude oil prices slipped to a two-month low recently. HPCL surged about 5 per cent accompanied with above-average volumes to close at ₹322.1 on the BSE.
This rally has surpassed its 21- and 50-day moving averages decisively. There could be room for further rally in the stock.
Investors can keep a watch on OMC stocks.
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