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 USD 100 a barrel and is trading at its lowest levels since January 2011.
Oil refiners Hindustan Petroleum Corporation rises 4.4%, Bharat Petroleum Corporation adds 2.7%, while Indian Oil Corporation adds 1.3%.
Explorers Oil India and ONGC gain 2-3% each.
