Two oil exploration stocks fell 0.42% to 1.48% at 12:30 IST on BSE after crude oil fell more than 2% to settle at $98.34 per barrel on the New York Mercantile Exchange on Thursday, 8 December 2011.
ONGC (down 1.48% to Rs. 262.85) and Cairn India (down 0.42% to Rs. 309) edged lower. Oil India was up 0.4% to Rs. 1,181.
Meanwhile, the BSE Sensex was down 272.08 points, or 1.65% to 16,216.16.
ONGC had outperformed the market over the past one month till 8 December 2011, falling 4.03% compared with the Sensex's 6.15% fall. The scrip had also outperformed the market in past one quarter, rising 2.24% as against 3.95% decline in the Sensex.
Cairn India had outperformed the market over the past one month till 8 December 2011, falling 3.51% compared with the Sensex's 6.15% fall. The scrip had also outperformed the market in past one quarter, surging 8.08% as against 3.95% decline in the Sensex.
Oil India had underperformed the market over the past one month till 8 December 2011, falling 9.94% compared with the Sensex's 6.15% fall. The scrip had also underperformed the market in past one quarter, sliding 10.85% as against 3.95% decline in the Sensex.
Lower crude oil prices will result in lower realization from crude sales for oil exploration firms. Crude futures for January 2012 delivery were trading 64 cents down at $97.70 a barrel in the Asian trade today, 9 December 2011. Crude oil for January 2012 delivery settled at $98.34 a barrel, down $2.15 a barrel, or 2.14% on the New York Mercantile Exchange on Thursday, 8 December 2011.
