OMCs, tyre and paint companies gain on over 4% plunge in crude oil prices

Oil prices fell more than 4 per cent on Tuesday, even after OPEC and allies including Russia agreed to extend supply cuts until next March.

Shares of oil marketing companies (OMCs) such as Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) gained in the early trade on Wednesday as the crude oil prices fell over 4 per cent in Tuesday's session. Other beneficiaries of the lower oil prices such as tyre and paint stocks, too, rallied in the trade. 

At 09:41 am, the stock of IOCL was trading nearly a per cent higher at Rs 156 apiece on the BSE while HPCL was ruling at Rs 289.40, up over 1 per cent. BPCL was trading at Rs 381, up 0.59