Share prices of oil-marketing companies (OMCs) rose up to 10 percent in the morning trade on March 9, as crude tanked more than 30 percent after Saudi Arabia slashed prices and decided to push up production.
Crude was heading towards its biggest daily loss since 1991 after Saudi Arabia cut prices and set plans for a big increase in crude production in April, news agency Reuters said.
Prices fell 31 percent following the Saudi move to start a price war after Russia balked at making the further steep output cuts proposed by OPEC to stabilise oil markets hit by worries over the global spread of the coronavirus, it added.
Shares of paint companies also gained up to 2 percent as crude is the major raw material for these firms.
Berger Paints India was quoting at Rs 535.80, up Rs 1.00, or 0.19 percent and Asian Paints was quoting at Rs 1,887.25, up Rs 8.75, or 0.47 percent.
Brent crude futures were down $11.31, or 25%, at $33.96 a barrel, after earlier dropping to $31.02, their lowest since February 12, 2016. Brent futures are on track for their biggest daily decline since January 17, 1991, at the start of the first Gulf War.
US West Texas Intermediate (WTI) crude fell by $10.73, or 26%, to $30.55 a barrel, after touching $30, its lowest since February 22, 2016. The US benchmark is also headed for its biggest falling since January 1991.
However, the oil supplier Oil and Natural Gas Corporation (ONGC) touched a 52-week low of Rs 78.05.
ONGC was quoting at Rs 78.95, down Rs 10.20, or 11.44 percent, on the BSE.
In contrast, Indian Oil Corporation was quoting at Rs 103.65, up Rs 2.85, or 2.83 percent, Hindustan Petroleum Corporation was Rs 17.30, or 8.61 percent, higher at Rs 218.15 and Bharat Petroleum Corporation was trading at Rs 431.60, an increase of Rs 28.75, or 7.14 percent, on the BSE.
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