OMC stocks fall as crude jumps over 3%

New Delhi: Shares of oil marketing companies and paint manufacturers declined for the second day in a row on Wednesday as deepening conflict in West Asia drove crude oil prices higher.

The stock of Hindustan Petroleum Corporation Ltd dropped 5.41 per cent, Bharat Petroleum Corporation Ltd tanked 4.94 per cent and Indian Oil Corporation dived 4.78 per cent on the BSE.

Brent crude, the global oil benchmark, jumped 3.08 per cent to USD 83.91 per barrel. Paint stocks also faced selling pressure. Shares of Shalimar Paints fell by 2.60 per cent, Berger Paints went lower by 2.22 per cent, Indigo Paints slipped 1.49 per cent, Asian Paints declined 0.95 per cent, Kansai Nerolac Paints dipped 0.89 per cent and Akzo Nobel India edged lower by 0.28 per cent.

"Global risk sentiment remained fragile amid ongoing tensions in the Middle East and the closure of the Strait of Hormuz, which kept oil prices volatile. Indian equities mirrored the broader risk-off environment due to the impact of inflation and potential for higher CAD," Vinod Nair, Head of Research, Geojit Investments Limited, said. The 30-share BSE Sensex tumbled 1,122.66 points or 1.40 per cent to settle at 79,116.19.