Shares of companies that typically benefit from lower crude oil prices witnessed strong buying interest on Friday after a sharp correction in global oil markets improved sentiment across several sectors.
Oil-Sensitive Stocks Rally As Crude Prices Fall; IndiGo, OMCs, Tyre Stocks Jump Up To 5%
IndiGo, HPCL, BPCL and tyre stocks surged after crude slipped below $90 a barrel. Here's a look at the biggest winners and laggards
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The rally came as Brent crude slipped below the $90-a-barrel mark amid hopes of easing tensions in the Middle East, prompting investors to shift towards sectors where lower fuel and raw material costs can directly support profitability.
The optimism spilled over to the broader market as well. The Sensex surged nearly 1,000 points in early trade, while the Nifty climbed back above the 23,400 level, supported by gains across oil-sensitive pockets of the market.
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