Crude oil sensitive stocks end higher amid sharp correction in Brent crude prices

New Delhi, Jun 24 (PTI) Shares of crude oil sensitive sectors -- oil marketing companies, aviation, paints and adhesives -- jumped on Tuesday after a sharp correction in Brent crude oil prices.

The stock of Hindustan Petroleum Corporation Ltd jumped 3.24 per cent, Indian Oil Corporation rallied 2.04 per cent and Bharat Petroleum Corporation Ltd went up by 1.92 per cent on the BSE.

Shares of InterGlobe Aviation edged higher by 2.55 per cent and SpiceJet rallied 2.15 per cent.

"The dramatic developments in West Asia culminating in US President Donald Trump's announcement of a ceasefire indicate that the worst of the conflict is over.

"The sharp reactions in the crude oil and stock markets suggest the geopolitical situation is limping back to normalcy. Paints, adhesives, tyres and OMCs will respond positively to the sharp cut in crude," VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said.

Kansai Nerolac Paints advanced 1.82 per cent, Shalimar Paints rallied 1.80 per cent, Asian Paints went up by 0.48 per cent and Indigo Paints (0.38 per cent).

Global oil benchmark Brent crude dropped 2.63 per cent to USD 69.60 a barrel.

After surging 1,121.37 points or 1.36 per cent to 83,018.16 in intra-day trade, the 30-share Sensex later trimmed most of its gains. But the benchmark still managed to settle in the green, climbing 158.32 points or 0.19 per cent to 82,055.11.

On similar lines, the 50-share Nifty rose 72.45 points or 0.29 per cent to end at 25,044.35. PTI SUM SUM SHW