Indian Oil, HPCL, BPCL shares rise as brent crude prices fall for fourth day

Indian Oil reported Rs 315.75 and Rs 137.70, with movement of 3% and 2.68% attached to those lines. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.

Against that, the stock is -3.5% on the day at ₹125.45, and has returned -8.2% over three months. It sits 33% below its 52-week high, which means a good deal of bad news was already in the price. The oil & energy sector has moved -0.3% over the same period, so Indian Oil is running 7.9 points behind its peers.

This is an Input cost / crude event. India imports most of its crude, so input costs pass through to margins downstream and to the rupee. Producers and consumers of the same input move in opposite directions. On the day the stock is -3.5%, so the market took notice.