Shares of oil marketing companies such as Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd rose as much as 2.4-3.2 per cent on lower crude oil prices.
Oil prices fell after industry data showed US stockpiles of crude unexpectedly rose, and as economic growth slowed, especially in Asia, amid the escalating trade dispute between the United States and China.
Brent futures dropped 28 cents, or 0.4 per cent, to $73.93 a barrel by 0634 GMT, adding to a 1.8 per cent loss in the previous session. US crude futures were down 41 cents, or 0.6 per cent, at $68.35 a barrel, having dropped nearly 2 per cent on Tuesday.
Hindustan Petroleum shares gained the most since June 26.