In the early deals, oil-marketing firm HPCL declined 2.5 per cent to Rs 262.85 on the BSE, while BPCL dipped 1.6 per cent to hit an intra-day low of Rs 479.4. Reliance Industries, Indraprastha Gas Ltd (IGL), and Indian Oil Corporation (IOC), too, slumped up to 0.66 per cent. In comparison, the S&P BSE Sensex was down 0.28 per cent, or 117 points, at 41,509.28 level at 9:57 am.
That apart, paint firms such as Asian Paints, Berger Paints, and Kansai Nerolac erased 1.8 per cent, 1.1 per cent, and 0.5 per cent, respectively.
Aviation firms SpiceJet and IndiGo, where crude oil makes nearly 40 per cent of their cost structure, tumbled 4.3 per cent and 2.16 per cent, respectively.
Financial counters came under pressure, too, as rise in crude oil prices
stoked fears of further rise in inflation, which could push yields higher. Nifty PSU Bank index, down 0.84 per cent, was the top loser on the Nationnal Stock Exchange (NSE). Bank of Baroda, Canara Bank, Punjab National Bank (PNB), State Bank of India (SBI), Uco Bank, and Bank of India declined between 0.8 and 2.2 per cent. Similarly, Nifty Bank index
was trading 0.8 per cent lower with Axis Bank, ICICI Bank, The Federal Bank, and HDFC Bank down 1.18 per cent, 0.7 per cent, 0.9 per cent, and 1.1 per cent, respectively.