• Source:JND

Oil and Paints Stocks Today: Amid a massive sell-off in the domestic equity market, the shares of oil marketing companies and paint manufacturers tumbled during the early trading hours on March 9, fueled by a sharp rise in crude oil prices. The Brent Crude and WTI crude prices soared over 25 per cent to near $120 per barrel due to supply chain disruption amid the ongoing war between US-Iran and Israel in the Middle East.

Till the time of writing, shares of Hindustan Petroleum, Bharat Petroleum, Indian Oil Corporation, and others were trading sharply down on BSE.

Hindustan Petroleum Corporation: The company's stock tanked 8.67 per cent

Bharat Petroleum Corporation Share Price: The oil company's stock dropped 8.43 per cent

Indian Oil Corporation's share price declined 7.29 per cent.

Also Read: Stock Market Crash: Sensex Down 2,300 Points, Nifty Falls Below 23,800 Amid Escalating Middle East Crisis

Paints Stocks Fall Sharply

The shares of Asian Paints fell by 5.12 per cent, Indigo Paints shares dropped 4.83 per cent, Berger Paints stock was trading 4.80 per cent lower, and Kansai Nerolac Paints shares declined 4.72 per cent.

Meanwhile, key equity indices crashed over 3 per cent. Sensex, the 30-share index of BSE, crashed 2,494.35 points or 3.16 per cent to 76,424.55, while Nifty50, the 50-share index of NSE, tumbled 752.65 points or 3 per cent to 23,697.80.

Also Read: Crude Oil Prices Skyrocket Over 25% Amid Middle East Crisis, Strait Of Hormuz Closure Drives Brent Price Nears $120

"Near-term sentiment remains pressured by escalating tensions in the Middle East, which have kept crude oil prices elevated and intensified concerns over inflation risks and India's rising import bill. The sustained surge in energy prices is also reviving fears of macroeconomic strain, adding another layer of caution to market positioning," Ponmudi R, CEO of Enrich Money, a line trading and wealth tech firm, said.

Middle East Crisis

Earlier, on February 28, the United States and Israel launched a military attack on Iran, killing Iran's Supreme Leader Ayatollah Ali Khamenei.

Following the military attacks, Iran has carried out a series of attacks targeting Israeli and US military bases in several Gulf countries, including the UAE, Bahrain, Kuwait, Jordan and Saudi Arabia.

(With PTI' inputs)


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