In this otherwise totally “crashed” market with declines superseding advances, PSU oil major BPCL has hit a life-time high today at Rs.881. And the reason for this euphoria on the counter is the fall in the price of crude oil, which during the day dipped below $60 to $59/barrel after Greece imposed capital controls on the country. Banks and stock market in Greece will be closed for six days now and ATMs will have a daily Euro 60 limit withdrawal. The rupee in the morning trades was also down 24 paise.

Lower crude price reduces under recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. But to some extent, the falling rupee negates the effect of falling crude oil prices