BPCL

Shares of crude-sensitive companies came under pressure in early trade on Wednesday after global crude oil prices surged amid renewed geopolitical tensions in the Middle East. Oil marketing companies (OMCs), airlines, tyre manufacturers and paint stocks witnessed broad-based selling as investors assessed the impact of rising fuel and input costs. Among OMCs, BPCL fell more than 4 percent, while HPCL also declined around 4 percent. Indian Oil Corporation (IOC) slipped over 3 percent. In the aviation space, InterGlobe Aviation (IndiGo), a Nifty 50 constituent, dropped more than 2 percent. The weakness extended to other crude-linked sectors. Apollo Tyres lost nearly 2 percent, while CEAT, JK Tyre & Industries, and SpiceJet declined between 1 and 2 percent. In the paint segment, Asian Paints fell about 1.5 percent, Kansai Nerolac Paints traded lower, while Berger Paints was largely unchanged in early trade. The sell-off followed a sharp rise in global crude prices after the United States launched airstrikes against Iran in response to attacks on commercial vessels passing through the Strait of Hormuz, fuelling concerns over potential disruptions to global energy supplies. Brent crude rose nearly 2 percent to around $75.5 per barrel, while US West Texas Intermediate (WTI) crude climbed to about $71.8 per barrel, extending gains from the previous session.