Among aviation stocks, IndiGo was down over 0.5 per cent at Rs 1,243.50 while SpiceJet was down over 2 per cent to Rs 50.50.
Paint stocks, on the other hand, were trading in the green. For instance, Asian Paints was up over 1 per cent at Rs 1,979.70 while Kansai Nerolac was trading over 2 per cent higher at Rs 493. Berger Paints was flat with a positive bias. Crude oil derivatives are one of the key raw materials for paint manufacturers. Hence, a drop in crude oil is positive for these companies.
Tyre stocks, however, were trading in the red. Apollo Tyres was down over 1 per cent at Rs 112 and JK Tyre & Industries was trading at Rs 56.90, down 1.4 per cent. MRF was down nearly 0.5 per cent at Rs 57,940.90.
Oil futures fell sharply on Tuesday
, with Brent tumbling below $40 a barrel for the first time since June. The prices extended their fall on Wednesday. At 09:47 AM, the WTI crude oil was trading 1.22 per cent lower at $36.31/ barrel while Brent Crude stood at $39.42 / barrel, down 0.9 per cent, Bloomberg data showed.
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