Shares of five paint makers rose by 0.01% to 2% at 11:55 IST on BSE as crude oil prices extended losses.
Meanwhile, the BSE Sensex was down 135.08 points, or 0.5%, to 26,841.31.
Among paint makers, Asian Paints (up 2%), Berger Paints India (up 1.32%), Shalimar Paints (up 0.01%), Akzo Nobel India (up 0.11%) and Kansai Nerolac Paints (up 0.67%), edged higher.
Brent crude futures continued to drop after declining overnight amid continuing concerns about a global supply glut. Brent for February settlement was off 57 cents a barrel at $50.53 a barrel. The contract had lost $2.01 a barrel to settle at $51.10 a barrel yesterday, 6 January 2015, slumping for a fourth straight session to five-and-a-half year lows as mounting worries about a supply glut pressured crude prices.
Falling crude oil prices augur well for paints makers. Titanium dioxide is a key raw material for paint companies and is derived from crude oil.
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