Shares of state-run oil marketing companies were higher, outperforming a weak broader markets after a fall in international crude prices, several dealers said.
Crude fell more than $2 a barrel on Monday after rating agency Standard & Poor's downgraded the United States' top-tier credit rating.
Analysts expect a bearish outlook for international crude and reaffirm 'buy' on state-run oil marketing firms. "Overall, despite concerns on falling spare capacity and the ever-possible risk of another supply disruption, a combination of higher OPEC production and lower possible demand growth could take crude to lower levels from here," Citigroup said in a note adding the fall in crude prices provides another opportunity. At 9.23 a.m., shares of Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp. were up 1-1.5 percent.
