Shares of India's state-run oil marketing companies (OMCs) Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd, tumbled in aftrenoon trade on Friday, June 19, after doubts over US-Iran peace talks arose as US President JD Vance postponed his Switzerland for further round of negotiations. Vance was set to lead a new round of negotiations with Iran over its nuclear program. The deffered trip is raising questions about what's next for the tentative agreement to end the war.
On Friday, shares of the leading OMCs -- IOCL, BPCL, and HPCL opened nearly 1% lower each and extended losses to trade in red amid a weaker sentiment across the domestic benchmark indices. On the NSE, shares of HPCL last traded 2.22% lower at Rs 392.70, IOC traded 2.19% lower at Rs 142.91 and BPCL shares were last down 3.10% lower at Rs 306.50 apiece. This compares to 0.98% loss in the Nifty 50 benchmark to 23,929.65 by late noon trade. The Indian stock market halted its five-day gaining streak.
The NSE Nifty 50 fell 0.9% to 23,947.25. The BSE Sensex fell 1% or 770 points to 76,639. Crude oil is headed for its second straight weekly losses. Brent crude fell towards $79 a barrel and was down over 9% for the week. West Texas Intermediate for August traded near $75. Prices declined as the US-Iran interim peace deal helped shipping through the Strait of Hormuz begin returning to normal. Ships carrying stranded oil started moving out of the waterway on Thursday, while Kuwait said it will begin increasing production.
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