Shares of oil marketing companies (OMCs) surged by up to 8 per cent during intra-day trades on Thursday as crude oil prices fell to a two-month low on expectations of a ceasefire in West Asia.

Brent crude for July delivery was trading below the $84 mark at $83.22 per barrel after falling to a day’s low of $83.05 a barrel. They had hit the $91 mark last month following tensions between Israel and Iran.

During the day, shares of Indian Oil Corporation (IOC) ended with gains of 2.60 per cent at ₹173.35 on the BSE after hitting an intra-day peak of ₹174.50, a rise of 3.28 per cent.

Similarly, Bharat Petroleum Corporation Ltd (BPCL) ended 4.45 per cent higher at ₹634.80 after gaining 4.77 per cent to hit a high of ₹636.75.

Hindustan Petroleum Corporation Ltd (HPCL) was the most active as its shares spurted by 7.67 per cent to end at ₹533.20 after zooming 8.40 per cent during the day to ₹536.80.

The buying in these counters came on a day when the Sensex settled higher by 128 points at 74611.11 following record GST collections in April and positive manufacturing data.

The 30-share BSE Sensex climbed 128.33 points or 0.17 per cent to end at 74611.11.