Hindustan Petroleum Corporation, Bharat Petroleum Corporation, Indian Oil Corporation, Jet Airways and SpiceJet shares gained 1-3 percent in morning on Wednesday after sharp fall in crude oil prices amid global growth concerns.
Crude is the key raw material for oil marketing companies and a major portion of operating expenses for airline firms. So any fall in oil prices is always beneficial for these companies including paint makers.
Brent crude oil futures, the international benchmark for oil prices, plunged 6.2 percent on Tuesday to $50.47 a barrel, the weakest since August 2017.
Oil prices slipped nearly 20 percent year-to-date and crashed 42 percent from $86 a barrel touched on October 3, 2018. Read More