ONGC, Oil India shares rally up to 5% as crude prices surge; OMCs, tyre, aviation stocks slide on cost concerns
Tyre, airline stocks under pressure
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Geopolitics pushes oil higher
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Shares of state-run oil producers ONGC and Oil India rallied up to 5% on Thursday, tracking a sharp uptick in global crude prices , even as downstream oil marketing companies, tyre makers, and aviation stocks fell amid concerns over higher input costs.Oil and Natural Gas Corporation (ONGC) shares rose 3.2% to Rs 255.15 on the BSE, while Oil India surged as much as 5% to Rs 488.8. The gains came after oil prices climbed more than 4% overnight to their highest levels since early April, supported by fears of supply disruptions in the Middle East.Higher oil prices tend to benefit upstream producers like Oil India and ONGC, as they boost realisations from crude sales.However, the rally in crude triggered losses in oil marketing companies ( OMCs ), which are typically hurt by costlier feedstock. Indian Oil Corporation (IOCL) was down 2.5% at Rs 141.50, while Bharat Petroleum Corporation (BPCL) shed nearly 3.7% to Rs 321.50. Hindustan Petroleum Corporation (HPCL) declined 4.5% to Rs 396.Tyre manufacturers also faced selling pressure on worries that elevated crude prices would push up rubber and synthetic input costs. MRF dropped 1.1% to Rs 135435.05, JK Tyre & Industries slipped 0.4% to Rs 379.05, and CEAT Ltd was down 1% at Rs 3814.05.Aviation stocks were mixed. InterGlobe Aviation , the parent of IndiGo, fell 1.9% to Rs 5525.05, reflecting worries over rising jet fuel costs. In contrast, SpiceJet gained 2.9% to Rs 46.80.Crude prices extended gains on Thursday following comments by U.S. President Donald Trump, who said U.S. personnel were being moved out of the Middle East because 'it could be a dangerous place,' while reaffirming that the U.S. 'would not allow Iran to have a nuclear weapon.'Reuters reported that the United States was preparing a partial evacuation of its embassy in Iraq and would allow military dependents to leave some Middle Eastern locations amid rising tensions.At 12:30 a.m. GMT, Brent crude futures were up 15 cents, or 0.2%, at $69.92 a barrel. U.S. West Texas Intermediate (WTI) crude gained 22 cents, or 0.3%, to $68.37. On Wednesday, Brent had settled $2.90, or 4.34%, higher at $69.77, while WTI rose $3.17, or 4.88%, to $68.15, both benchmarks marking their highest levels in over two months.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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