RTRS:MARKET EYE-State-owned oil stocks gain on crude
* State-owned oil refiners and explorers rise following a slump
in crude prices.
* Both refiners and explorers in India tend to track movements
in oil prices because the government caps prices of petrol
products such as diesel, cooking gas and kerosene.
* That means state-owned producers such as ONGC share
the cost of subsidising refineries by selling crude to them at a
discount. Refiners then sell fuels, except for petrol, at
government-mandated prices.
* Brent for July delivery has fallen to below $100 a
barrel and is trading at its lowest levels since January 2011.
* Oil refiners Hindustan Petroleum Corporation rises
4.4 percent, Bharat Petroleum Corporation adds 2.7
percent, while Indian Oil Corporation adds 1.3 percent.
* Explorers Oil India and ONGC gain 2-3 percent each.
