Shares of IndiGo, Asian Paints, Apollo Tyres and several oil marketing companies rallied on Wednesday, as a nearly 25 percent decline in Brent crude prices over the past 10 days boosted sentiment towards aviation, paint and tyre stocks. The gains came even as global oil prices recovered modestly from two-month lows amid renewed concerns over shipping disruptions in the Strait of Hormuz.
InterGlobe Aviation, the parent company of IndiGo, surged 4.61 percent to Rs 5,680.10 in morning trade, emerging as the top gainer on the Nifty 50. Asian Paints climbed 2.18 percent to Rs 2,563.90 and was also among the leading Nifty gainers.
Apollo Tyres advanced 3.12 percent to Rs 428.20, while CEAT gained 1.57 percent to Rs 3,510. Berger Paints rose 1.09 percent to Rs 476.35, while Kansai Nerolac Paints and JK Tyre gained 0.55 percent and 0.52 percent, respectively.
Oil marketing companies also traded higher, with Hindustan Petroleum Corporation (HPCL) rising 2.77 percent to Rs 396.45, Bharat Petroleum Corporation (BPCL) gaining 1.46 percent to Rs 320.60, and Indian Oil Corporation (IOC) advancing 0.71 percent to Rs 147.89.
Among upstream oil producers, Oil India declined 0.64 percent to Rs 436.20, while ONGC gained 0.59 percent to Rs 234.88. SpiceJet also edged higher, rising 0.26 percent to Rs 7.70.