Paint stocks rally as crude prices slump

Shares of six paint companies rose 1.89% to 6.31%, following a slump in crude oil prices.

Shalimar Paints (up 6.31%), Kansai Nerolac Paints (up 5.96%), Asian Paints (up 4.30%), Berger Paints India (up 3.18%), Asahi Songwon Colors (up 2.14%) and Akzo Nobel India (up 1.89%) gained.

In the commodities market, Brent crude for May 2020 settlement rose 91 cents at $23.67 a barrel. The contract fell $2.17, or 8.70% to settle at $22.76 a barrel in the previous trading session.

Lower crude oil decreases input costs for paint companies, which use crude derivatives.

The Nifty 50 index rose 283.90 points or 3.43% to 8,565.

 

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