11 Sep , 2026 By : Debdeep Gupta
Shares of airlines, oil marketing companies (OMCs), paint and tyre makers fell on Friday as oil prices extended their surge, with Brent crude approaching $110 a barrel amid escalating supply concerns in the Middle East. SpiceJet, Hindustan Petroleum Corporation (HPCL) and InterGlobe Aviation (IndiGo) were among the major losers, falling about 2-5 percent in early trade.
SpiceJet shares dropped 4.6 percent to Rs 8.48, while HPCL fell 3.1 percent to Rs 341.85. IndiGo, India's largest airline, declined 1.7 percent to Rs 4,861.50.
Other oil-sensitive stocks also traded lower. Bharat Petroleum Corporation (BPCL) fell 1.9 percent to Rs 297.30, while Indian Oil Corporation (IOC) declined 0.5 percent to Rs 134.23.
Paint and tyre stocks, which are also sensitive to crude prices because several petroleum derivatives are used as raw materials, came under pressure. Kansai Nerolac Paints fell 1.8 percent, Asian Paints declined 1.3 percent and Berger Paints slipped 0.3 percent. Apollo Tyres, JK Tyre & Industries and CEAT fell around 1-1.6 percent.
The declines came as Brent crude futures rose 1 percent to $108.68 a barrel in early Asian trade, after surging more than 6 percent on Thursday. US West Texas Intermediate crude gained 1 percent to $103.45 a barrel.
Oil prices have climbed as escalating attacks along key Middle Eastern shipping routes heightened concerns over prolonged disruptions to global supplies. Iran-aligned Houthis seized control of Yemen's port of Mocha on Thursday, posing a further threat to Red Sea traffic, while restrictions through the Strait of Hormuz and attacks on tankers have added to supply concerns.
Higher crude prices tend to weigh on airlines because aviation turbine fuel is a major operating cost, while refiners and fuel retailers can face pressure if increases in international prices are not fully passed on to consumers. Paint and tyre manufacturers are exposed through crude-linked input costs.
However, upstream oil producers moved in the opposite direction as higher crude prices potentially improve realisations. ONGC shares gained 2.2 percent to Rs 242.57, while Oil India rose 0.9 percent to Rs 505.
The broader Indian stock market was also under heavy selling pressure. At 9:25 am, the Sensex was down 633 points, or 0.85 percent, at 74,269, while the Nifty 50 fell 213 points, or 0.91 percent, to 23,265. Market breadth was sharply negative, with 2,227 shares declining against 719 advances.
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