Oil prices fell after U.S. President Donald Trump criticised OPEC and said oil prices were artificially high, but they were still set for a weekly gain.
Shares of BPCL, HPCL and IOC reeled under selling pressure, tumbling up to 7 per cent on worries over rise in global oil prices, which impact their margins.
Resource stocks were on a roll in Asia as oil prices hit heights and ignited a rally across commodities, though the potential boost to inflation globally.
Oil prices extended gains, lifted by a reported decline in U.S. crude inventories and the risk of supply disruptions.
US West Texas Intermediate (WTI) crude futures CLc1 were up 33 cents, or 0.5 percent, at $66.85 a barrel.
Markets remained firm during the week despite trade and geo-political tensions. The Nifty gained in all five trading sessions – the first time since November 2017.
Brent crude LCOc1 rose by 44 cents to $72.46 a barrel at 0821 GMT, up about 8 percent on the week.
Brent crude futures were at $71.84 a barrel at 1315 GMT on Thursday, down 22 cents from their last close.
Brent stood at $71.85 a barrel by 1143 GMT, up 81 cents on the day, while U.S. crude futures CLc1 rose 83 cents from their last close to $66.34 a barrel.
Brent crude futures were up 81 cents at $69.46 a barrel by 0850 GMT, while US WTI crude futures were at $64.31, up 89 cents.