OMC, Aviation, Paint stocks down on rising crude oil price

The Nifty Energy index was down 192 points at 14,534.70 led by BPCL, HPCL, IOC and Reliance Industries.

Sep 16, 2019 05:09 IST India Infoline News Service

Broker stock market crash
Shares of oil marketing companies (OMC) fell in the morning trade after oil prices rose on reports of drone strikes at Saudi Arabia’s Aramco oil facilities in Abqaiq.

The Nifty Energy index was down 192 points at 14,534.70 led by BPCL, HPCL, IOC and Reliance Industries.

Shares of BPCL dragged 6%, followed by HPCL, which fell 5%, IOC and Reliance Industries were also down in the range of 2-3% respectively.

On the other hand, GAIL and ONGC were in the positive zone.

Also, Aviation and Tyre and paint stocks were trading lower.

Shares of Interglobe Aviation, Asian Paints, SpiceJet, Apollo Tyres, Kansai Nerolac Paints, Berger Paints India, Ceat and MRF fell in the range of 1-4%.

However, the crude oil prices pared their gains after United States President Donald Trump authorised the release of US oil reserves. However, it could take several weeks for Saudi oil supplies to return to normal.

On Sunday, Trump had said that the US is “locked and loaded” to respond to the attack in Saudi Arabia. “Saudi Arabia oil supply was attacked,” he tweeted.

Meanwhile, the Sensex traded 101 points lower at 37,273, while the Nifty was down 26 points at 11,050.

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