Bharat Petroleum Corporation and Hindustan Petroleum Corporation dipped while Indian Oil Corporation rushed up.

Higher crude oil costs will raise under-recoveries of state-led oil companies on Indian sale of LPG, petrol, diesel and kerosene at a proscribed cost.

71659 shares have been traded on BSE in the counter.

Oil India is all set to hit the market with a contribution of equity shares in 2009 is likely to price its IPO that begins on 7th September at Rs.1,000-1,100 per share.

The government has selected Hindustan Petroleum Corp, Indian Oil Corp and Mangalore Refinery and Petrochemicals to buy crude oil from Cairn India’s Rajasthan mines.

The BSE Sensex was seeing some selling stress in the midst of jerkiness at 11:51 hours IST.

The instability carried on in the Sensex although it traded down due to profit booking at 11:48 hours IST.

The benchmark indices traded severely down due to the ongoing selling stress in all the sectors except for oil marketing, cement companies and select auto; particularly banking, capital goods, metal, realty, power and technology at 12:16 hours IST.

Indian Oil Corporation is likely to extend its refining competence to 80mtpa by 2011-12 from the current level of 60.2mtpa.

Buying in metal, oil & gas, realty, power and select banking stocks was pushing the markets, however selling in technology, cement stocks along with Maruti, HDFC, ITC, L&T, Tata Motors, Suzlon and Tata Power capped the profits at 11:59 hours IST.