New Delhi, Jan. 16 -- Shares of oil marketing companies (OMCs), including BPCL, HPCL, and IOCL, rallied up to 4% on Friday, January 16. HPCL's share price jumped as much as 3.7% to Rs.456.50 apiece, while BPCL rallied 3% to Rs.367.75 and IOC gained as much as 2%.

The three state-run OMCs-Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation Ltd, and Indian Oil Corporation Ltd-saw a sharp movement in their share prices, rebounding from recent weakness as the drop in global crude prices brought sentiment back to these counters, which had suffered losses lately.

After maintaining a winning run for five straight sessions, both Brent and WTI futures came off sharply in Thursday's session after the likelihood of a US strike on Ira...