Aviation, paint and OMCs rally on fall in crude oil prices

Shares of aviation, paint and oil marketing companies jumped in the opening deals on Wednesday, a day after the crude oil prices tumbled over 6 per cent with the US crude diving to its lowest level in more than a year. 

US West Texas Intermediate (WTI) crude futures ended Tuesday's session down $3.77, or 6.6 per cent, at $53.43 per barrel. The contract fell as much as 7.7 per cent during the session to touch $52.77 a barrel, the lowest since October 2017. Brent crude futures fell $4.26, or 6.4 per cent, to settle at $62.53 a barrel. The international benchmark fell as much as 7.6 percent to $61.71 during the session, the lowest since December 2017.

On Wednesday, however, oil prices clawed back some of the previous day’s plunge but markets remained on edge. 

In the aviation pack, shares of SpiceJet climbed as much as 6.9 per cent to Rs 83.60 apiece while those of Jet Airways gained over 4 per cent to Rs 323.30. IndiGo rose 4.5 per cent to Rs 1,079 apiece on BSE.

Among the OMCs, HPCL (Hindustan Petroleum Corporation) was trading over 4 per cent higher at Rs 253 while BPCL (Bharat Petroleum Corporation) was trading at Rs 335.25 apiece on BSE, up 4 per cent. Indian Oil was trading over 3 per cent higher at Rs 144 apiece on BSE. 

Paint stocks too surged in the trade with both Asian Paints and Berger Paints rallying over 2 per cent to Rs 1,335 and Rs 320, respectively. Kansai Nerolac was trading over 1 per cent higher at Rs 424.