Shares of five paint makers rose by 1.95% to 5.63% at 11:58 IST on BSE as crude oil prices fell.
Berger Paints (up 3.57%), Shalimar Paints (up 5.63%), Akzo Nobel India (up 1.95%) and Kansai Nerolac Paints (up 2.79%) edged higher.
Shares of sector bellwether Asian Paints rose 4.61% to Rs 739. The stock hit a record high of Rs 748.25 in intraday trade today, 28 November 2014.
Meanwhile, the S&P BSE Sensex was up 317.29 points or 1.12% at 28,756.20
Brent crude traded near a four-year low after OPEC decided to keep the cartel's production levels unchanged at a meeting in Vienna yesterday, 27 November 2014. Brent for January settlement was off 18 cents at $72.40 a barrel. The contract dropped $5.17 a barrel to settle at $72.58 yesterday, 27 November 2014, the lowest close since August 2010. 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.
The Organization of Petroleum Exporting Countries (OPEC) will maintain its collective output target at 30 million barrels a day, Saudi Arabia's Oil Minister Ali Al-Naimi said after the group met in Vienna yesterday, 27 November 2014. The 12-member group, which pumps 40% of the world's oil, will convene again on 5 June 2015 in the Austrian capital.
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