New Delhi, March 5 Shares of oil marketing companies rebounded on Thursday after a two-day slide, driven by bargain hunting at lower levels and a recovery in the broader market.
The stock of Hindustan Petroleum Corporation Ltd rose by 4.19 per cent, Bharat Petroleum Corporation Ltd climbed by 1.19 per cent, and Indian Oil Corporation gained 0.59 per cent on the BSE.
Shares of oil marketing companies had declined for the second day in a row on Wednesday due to rising crude oil prices amid the escalating conflict in West Asia.
The 30-share BSE Sensex snapped its four-day decline, rebounding by 899.71 points or 1.14 per cent to close at 80,015.90. During the day, it surged by 1,187.64 points or 1.50 per cent to 80,303.83.
The 50-share NSE Nifty climbed by 285.40 points or 1.17 per cent to close at 24,765.90, ending its three-day downward trend.
"Markets rebounded on Thursday amid volatile trading, ending with gains of over a per cent, supported by improved global cues and buying in select large-cap stocks. Strength across Asian markets and buying in large-cap stocks helped lift domestic equities following the sharp correction in recent sessions," said Ajit Mishra, SVP, Research, Religare Broking Ltd.
However, elevated crude oil prices and lingering geopolitical uncertainties continue to keep participants cautious, he added.
Brent crude, the global oil benchmark, rose by 2.19 per cent to USD 83.18 per barrel.
