Shares of tyre makers were trading weak on Wednesday on concerns of margin pressure due to rise in raw material costs, particularly natural rubber.
Shares of Ceat hit a 52-week low of Rs921 on the BSE in today’s trade.
Further, shares of MRF, Balkrishna Industries, Goodyear India, JK Tyre & Industries and Apollo Tyres were down in the range of 1-2%.
Meanwhile, US crude oil futures rose 4% after media reports said that two tankers had been attacked in the Gulf of Oman.
The US Energy Information Administration (EIA) on Wednesday reported crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels the week ending June 7. Traders were looking for a drawdown of about 481,000 barrels.
Benchmark indices continued to trade lower with the Sensex falling 36 points to 39,721 led by banking, financials, metal and auto stocks. The Nifty50 was down 11 points to 11,894, while Nifty Midcap and Smallcap indices were down 0.5% each.