New Delhi, May 19 -- Oil and gas shares rose on Tuesday, 19 May, following indications of reduced tensions between the US and Iran, which lifted optimism for stability in global crude supply and a decrease in oil prices.

Investor confidence particularly strengthened for downstream oil marketing firms, as falling crude prices are expected to lower raw material costs and boost refining and marketing margins.

Shares of Indian Oil Corporation, Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), Gujarat Gas, Indraprastha Gas, Adani Total Gas rose nearly 4% amidst hopes of better profitability should crude prices keep declining.

Oil prices declined after US President Donald Trump said he had called off a planned mili...