NEW DELHI: Strong losses in BPCL (down 6.57 per cent), HPCL (down 6.31 per cent) and Indian Oil Corporation (down 4.83 per cent) dealt a blow to oil gas index in Wednesday's trade.
The BSE Oil Gas index was trading 2.62 per cent down at 13,881 around 11:25 pm.
Oil stocks were experiencing the heat of selling amid surging global crude oil prices.Brent crude prices settled slightly higher on Tuesday amid supply concerns, Reuters reported.
Shares of ONGC (down 2.39 per cent), GAIL (India) (down 1.82 per cent), Oil India (down 1.07 per cent) and Reliance Industries (down 0.77 per cent) too were incurring losses.Meanwhile, shares of Castrol India (up 1.80 per cent), Petronet LNG (up 0.76 per cent) and Indraprastha Gas (up 0.73 per cent) were in the green around the same time.
Sensex and Nifty were in the negative territory on selling in oil, metals, private bank, financial and auto stocks amid sustained capital outflows by foreign funds.
The BSE Sensex was 51 points down at 34,600, while the NSE Nifty50 index was down 36 points at 10,501.In the Sensex kitty, 11 stocks were up, while 20 were down.Tata Steel, ONGC, Dr Reddy's Labs and IndusInd Bank were among the top losers in the Sensex index.