Meanwhile, the S&P BSE Sensex was down 826 points or 2.38% at 33,934.89
Shares of state-run oil marketing companies (PSU OMCs) surged. HPCL (up 13.04%), Indian Oil Corporation (up 5.39%) and BPCL (up 4.83%) edged higher.
Stocks of state-run oil exploration and production firms rose. ONGC (up 2.62%) and Oil India (up 0.09%) edged higher. Shares of state-run gas transmission major GAIL (India) rose 3.65%.
In the global commodities markets, Brent for December settlement was currently down $1.55 a barrel at $81.54 a barrel, after closing 2.25% lower on Wednesday. Oil prices fell to two-week lows on Thursday as it extended big losses from the previous session amid a rout in global stock markets, with prices also hit by an industry report showing US crude inventories rose more than expected.
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