MRPL, Chennai Petroleum shares surge 5% in a weak market - What is driving the stocks?
AI Summary
The recent surge in MRPL and Chennai Petroleum shares highlights the positive correlation between rising crude oil prices and the profitability of oil refiners. Retail investors should be cautious, as while current market sentiment is buoyant, the sustainability of these gains hinges on prolonged elevated oil prices. Given the geopolitical tensions affecting oil supply, this sector could see volatility, making it essential for investors to stay informed and consider the broader market context before making investment decisions.
MRPL and Chennai Petroleum shares surged 5% each in intraday trade on the BSE on Monday, 28 September, defying weak stock market sentiment. Shares of Mangalore Refinery and Petrochemicals (MRPL) opened at ₹164.25 against their previous close of ₹164.85 and jumped 5.2% to an intraday high of ₹173.50. Around 11 am, the stock was at ₹170.85, up 3.64%.
On the other hand, Chennai Petroleum Corporation's share price opened at ₹1,381.40 against its previous close of ₹1,375.90 and jumped 5.1% to an intraday high of ₹1,446.25. Around 11 am, the stock was 4.31% up at ₹1,435.20. Meanwhile, equity benchmark Sensex crashed more than 1,000 points, or 1.4%, during the session to hit an intraday low of 72,856.
Original Article
Published on Livemint
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This is a market news update from Livemint, published on 28 September 2026.
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