Shares of five paint manufacturing companies bucked weak market trend due to easing crude oil prices.
Shalimar Paints (up 2.88%), Asian Paints (up 1.89%), Asahi Songwon Colors (up 1.69%), Berger Paints India (up 0.81%) and Akzo Nobel India (up 0.28%) advanced.Meanwhile, the S&P BSE Sensex was down 1.19% at 49,458.05.
In the commodities market, Brent crude for May 2021 was trading 81 cents higher at $61.60 a barrel. The contract fell 5.93% to settle at $60.79 a barrel in the previous trading session.
Brent crude oil witnessed selling pressure on renewed lockdown measures in Europe and rising US crude stockpiles which have clouded the prospects of a speedy recovery in oil consumption. After hitting a high of $69.63 a barrel on 11 March 2021, brent crude oil has slumped nearly 12% in nine trading days.
Lower crude oil decreases input costs for paint companies, which use crude derivatives as their raw material.
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