BT:State-run oil firms shares rise up to 6% after Iran deal
Stocks of oil marketing firms on Monday surged as much as 6 per cent after Brent crude prices fell following a historic nuclear deal between Iran and world powers.
HPCL stock soared 5.46 % to Rs 213.45 apiece, while BPCL rallied 4.34 per cent to Rs 347.15 a share on the BSE.
Similarly, IOC shares gained 2.24 per cent to Rs 205.20.
Crude oil prices fell to $93.82 a barrel and Brent crude dropped to $108.54 per barrel.
Market analysts said that hopes of drop in import bill after crude oil prices fell in the overseas markets, following a key deal between world powers and Iran on its nuclear programme, fuelled buying in oil stocks.
Capping four days of negotiations, representatives of the P5+1 group of nations - the US, the UK, Russia, China, France and Germany - reached an agreement with Iran in Geneva on Sunday.
Under the deal, Iran agreed to give better access to inspectors and halt some of its work on uranium enrichment.
But Iranian authorities insisted they still had a right to nuclear power.
In return, there will be no new nuclear-related sanctions on Iran for six months.
