Falling Crude Prices To 6-Mth Low Fuel Oil Stocks

New Delhi: Shares of Oil marketing companies (OMCs) extended their gains for the fourth consecutive session on Thursday after crude oil prices plunged to six-month lows in the international markets, which boosted investor sentiments.Traders said the OMC stocks gained with crude oil prices hovering below $70 per barrel after OPEC-plus decision to increase output from April, a move which is expected to favour Indian refiners with added marketing margins on retail fuel.

The scrip of Hindustan Petroleum Corporation climbed 4.85 per cent to Rs 342.30 apiece, Indian Oil jumped 3.68 per cent to Rs 126.75 and Bharat Petroleum Corporation advanced 3.24 per cent to Rs 264.20 per piece on the BSE. Additionally, shares of aviation companies also rose, with SpiceJet increasing 3.90 per cent to Rs 50.35 and Interglobe Aviation soaring 1.74 per cent to Rs 4,776.95 per piece.

Stocks of paint industry, a significant consumer of oil, also saw a buying rush. Shares of Berger Paints climbed 3.05 per cent to Rs 498.95, Asian Paints rose 2.84 per cent to Rs 2,226.65, Indigo Paints advanced 3.15 per cent to Rs 1,051.65, and Kansai Nerolac went up 1.73 per cent to Rs 232.70 on the exchange.

Tyre manufacturers that also use significant portion of oil as a raw material witnessed a robust upward movement.