Shares of JK Tyre, IndiGo, Asian Paints and several oil marketing companies rallied on Thursday, as a sharp decline in global crude oil prices lifted aviation, tyre and paint stocks. Brent crude slipped below $100 a barrel after plunging nearly 9 percent overnight, amid growing hopes that the US midterm election results could pave the way for an end to the US-Iran war.
JK Tyre surged 5.6 percent to Rs 351.5 in early trade, while InterGlobe Aviation, the parent company of IndiGo, climbed 5.04 percent to Rs 5,400. Asian Paints advanced 4.44 percent to Rs 2,525.7, while Apollo Tyres gained 4.37 percent to Rs 420.
Oil marketing companies also attracted strong buying interest, with Hindustan Petroleum Corporation (HPCL) rising 5.17 percent to Rs 385.30, Bharat Petroleum Corporation (BPCL) gaining 3.63 percent to Rs 315.75, and Indian Oil Corporation (IOC) advancing 3.10 percent to Rs 146.43.
Other gainers included CEAT, which rose 3.25 percent to Rs 3,526, Kansai Nerolac Paints, up 2.84 percent to Rs 200.86, and Berger Paints, which gained 2.75 percent to Rs 498.45. SpiceJet also advanced 1.83 percent to Rs 7.78.
However, upstream oil producers remained under pressure. Oil India declined 3.07 percent to Rs 443.95, while ONGC slipped 1.60 percent to Rs 231.24.