Crude oil sensitive stocks recover early lost ground

New Delhi, Jun 23 (PTI) Shares of crude oil sensitive sectors -- oil marketing companies, aviation, paints and adhesives -- recovered their early lost ground after falling in morning trade, following a spike in Brent crude oil prices amid the ongoing conflict between Israel and Iran.

The stock of Indian Oil Corporation climbed 0.87 per cent and Hindustan Petroleum Corporation Ltd ended 0.33 per cent higher on the BSE; however, Bharat Petroleum Corporation Ltd settled marginally lower by 0.08 per cent.

During the day, the stock of Hindustan Petroleum Corporation Ltd declined 2 per cent, Indian Oil Corporation dipped 1.58 per cent and Bharat Petroleum Corporation Ltd dropped 1.54 per cent on the BSE.

SpiceJet climbed 2.22 per cent and InterGlobe Aviation went up by 1.37 per cent.

In intra-day, shares of SpiceJet fell by 2.59 per cent and InterGlobe Aviation edged lower by 2.24 per cent.

The US bombed three major nuclear sites -- Fordow, Natanz and Isfahan -- in Iran, bringing itself into the Israel-Iran conflict.

Akzo Nobel India surged 4.05 per cent and Berger Paints jumped 2.95 per cent.

Global oil benchmark Brent crude climbed 0.57 per cent to USD 77.45 a barrel.

After losing over 900 points in day trade, the 30-share BSE index recovered some lost ground to close with a loss of 511.38 points or 0.62 per cent at 81,896.79. During the day, it tumbled 931.41 points or 1.13 per cent to 81,476.76.

The 50-share NSE Nifty dropped 140.50 points or 0.56 per cent to 24,971.90.

Global oil prices have jumped to their highest level since January after Israel struck Iran, in a dramatic escalation of tensions in the Middle East.

India imports more than 85 per cent of its crude oil needs and roughly half of its natural gas requirement. More than 40 per cent of the oil imports and half of the gas imports come from the Middle East. PTI SUM SUM SHW