Oil prices slip by 5%, aviation, tyre, paint stocks rejoice

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The stocks of aviation, paints and tyre touched new heights on the bourses on Friday as crude oil prices dipped by 5%. The oil price slipped considerably after the OPEC decided to extend the production curbs. 

OPEC's meeting gave clarity on the oil prices and shoved off all the uncertainties that were crippling the crude oil market for the last few days and triggered the shares of several sectors that are dependent on the price of crude oil. 

Aviation sector stocks namely Jet Airways ended 3% higher at Rs 482.30 per share on BSE, Interglobe Aviation closed at 1.61% at 1090.05 per share on BSE etc.

In automobile ancillaries sector, tyre stocks namely MRF closed 2.51% higher at Rs 65,391 per share on BSE, Apollo Tyres closed up 2.09% at Rs 232.25 per share on BSE on Friday’s trade.

Paint stocks like Berger Paints closed higher by 6.40% at Rs 258.45 per share on BSE, Shalimar Paints surged over 8.28% at Rs 269.95 per share on BSE in Friday’s trade.


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