New Delhi, March 2 Shares of oil marketing companies and paint manufacturers declined on Monday, in line with the weak trend in equities, as the deepening conflict in West Asia drove crude oil prices higher.
The stock of Indian Oil Corporation tumbled by 4.53 per cent, Hindustan Petroleum Corporation Ltd dropped by 3.36 per cent, and Bharat Petroleum Corporation Ltd declined by 2.81 per cent on the BSE.
"A sustained rise in oil remains a key monitorable for India, given its implications on inflation, fiscal math, and corporate margins. From a sectoral standpoint, oil marketing companies and paint manufacturers faced pressure due to concerns over rising input costs," said Vikram Kasat, Head - Advisory, PL Capital.
Shares of Kansai Nerolac Paints fell by 3.77 per cent, Asian Paints declined by 2.89 per cent, and Shalimar Paints dropped by 2.55 per cent.
Additionally, the stock of Berger Paints India dipped by 1.67 per cent, Indigo Paints dropped by 1.65 per cent, and Akzo Nobel India edged lower by 1.17 per cent.
Brent crude, the global oil benchmark, jumped by 8.25 per cent to USD 78.92 per barrel.
"Rising crude oil prices and a weakening INR reflect concerns over potential disruptions to oil supply, which could increase inflationary pressures in India and impact fiscal and strain margins for energy and chemical-dependent sectors," said Vinod Nair, Head of Research, Geojit Investments Limited.
The 30-share BSE Sensex tanked by 2,743.46 points or 3.37 per cent to 78,543.73 in the early trade. It later closed at 80,238.85, down by 1,048.34 points or 1.29 per cent.
The 50-share NSE Nifty tumbled by 575.15 points or 2.28 per cent to 24,603.50 in intra-day trade. The benchmark later settled down by 312.95 points or 1.24 per cent at 24,865.70.
