BPCL faces selling pressure as oil rises
The stock of Bharat Petroleum Corporation Limited (BPCL), after surging from ₹329.3 to ₹408.5 in last three weeks posted a strong gain of 24 per cent. However, this week the stock is witnessing huge selling pressure as crude oil price flared up due to geopolitical tensions in the middle east that happened over the weekend.
On Monday, BPCL opened lower at ₹388 against previous close at ₹408.5 and closed the session at an even lower level of ₹380, declining by 7 per cent. Volatility in crude oil price is expected to keep the stock price under pressure, whereas in today’s session also the stock price depreciated after opening at ₹379.9 and is currently trading at ₹371 levels.
