Oil Prices & OMC Rally

Dalal Street bounced back sharply as crude prices cooled below $100 on hopes of a US-Iran de-escalation. Lower oil immediately improved sentiment for India, especially for inflation-sensitive sectors. OMCs led the rally with $BPCL , $HINDPETRO and $IOC gaining strongly as better marketing margins came back into focus. Banks also saw buying support with $HDFCBANK and $ICICIBANK contributing to the index move.