OMCs gain on fall in crude prices; HPCL, BPCL, IOC advance up to 12%

Oil markets struggled to find their footing on Wednesday after plunging by 7 per cent the previous session, with surging supply and the spectre of faltering demand keeping investors on edge.

Shares of oil- related sectors such as oil marketing, paints and aviation companies rallied up to 12 per cent on  BSE in the morning trade, following a sharp fall in the global crude prices due to ongoing worries over weakening demand and oversupply.

This fall in crude prices reflected positively for oil marketing companies like Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC), which rallied in the range of 10 per cent to 12 per cent during the intra-day trade.

Asian Paints, Berger Paints, Kansai Nerolac Paints and Shalimar Paints from the paints