The shares of oil refiners had logged strong gains, which have been rallying around eight per cent after a rebound in crude oil prices. On the other hand, the S&P BSE Sensex was down 0.6 per cent at 52,840.

On Monday, Crude Oil prices headed north after French President Emmanuel Macron said that the president of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan (MbZ), had him two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production.

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In the morning trade, the market commodities named Brent crude quoted at $112.38 a per barrel, up 1.3 per cent. US WTI crude futures were up 1.2 per cent at $110.87.

Although off from the 2022 highs of $139.13 a barrel, Brent futures were still up a solid 44.3 per cent on the year to date. Mangalore Refinery and Petrochemicals Limited (MRPL) has zoomed over 8 per cent to Rs 89. Chennai Petroleum and Hindustan Oil Exploration surged 7.7 per cent each to Rs 322 and Rs 192, respectively.

Among oil explorers, Oil India gained 3.7 per cent at Rs 242.50, and ONGC added 2 per cent to Rs 144. Reliance Industries Ltd shares have the largest private refiner for advanced one per cent to Rs 2,516.