HPCL, BPCL, IOC shares rise up to 4% as govt cuts excise duty on petrol and diesel; what lies ahead?

Oil marketing company shares are in focus after the government reduced excise duty on petrol and scrapped it on diesel. This move follows a surge in global crude oil prices and a price hike by private retailer Nayara Energy. Brokerages, however, remain cautious, citing potential margin pressures and elevated oil prices.