New Delhi: Shares of oil marketing companies rallied on Wednesday, with HPCL surging nearly 10 percent, as crude oil prices retreated sharply to fall below the USD 100-mark after the US and Iran announced a two-week ceasefire.

Brent crude, the global oil benchmark, dropped 15.16 percent to USD 92.54 per barrel.

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The stock of Hindustan Petroleum Corporation Ltd (HPCL) zoomed 9.93 percent to settle at Rs 364.30 on the BSE.

Shares of Bharat Petroleum Corporation Ltd (BPCL) jumped 7.44 percent to Rs 298.05 and Indian Oil Corporation climbed 6.62 percent to Rs 143.40.

Stock markets also cheered the ceasefire announcement. The 30-share BSE Sensex jumped 2,946.32 points, or 3.95 percent, to settle at 77,562.90. The 50-share NSE Nifty soared 873.70 points, or 3.78 percent, to end at 23,997.35.

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Oil marketing companies had come under pressure recently due to higher crude oil prices, which threatened to squeeze their refining and marketing margins.

"The benchmark equity indices witnessed a sharp rally on Wednesday, tracking firm global cues and a steep decline in crude oil prices following the announcement of a two-week ceasefire between the US and Iran," according to Bajaj Broking Research.

Among paints manufacturers, Shalimar Paints soared 7.19 percent, Indigo Paints climbed 6.01 percent, Kansai Nerolac Paints rallied 5.45 per cent, Asian Paints advanced 4.46 per cent, and Berger Paints went up 1.55 per cent.

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