Oil marketing companies, paint stocks decline amid surging crude oil prices

New Delhi (PTI): Shares of oil marketing companies ended lower on Friday after a day's breather amid surging crude oil prices due to the deepening conflict in West Asia.

The stock of Hindustan Petroleum Corporation Ltd dropped 3.10 per cent, Bharat Petroleum Corporation Ltd declined 2.19 per cent and Indian Oil Corporation dipped 1.69 per cent on the BSE.

Shares of oil marketing companies bounced back on Thursday after a two-day slide.

Among paint stocks, Indigo Paints dropped 3.41 per cent, Kansai Nerolac Paints edged lower by 2.75 per cent, Akzo Nobel India (2.43 per cent) and Asian Paints (0.35 per cent).

Brent crude, the global oil benchmark, surged 4.62 per cent to USD 89.36 per barrel.

In the equity market, the 30-share BSE Sensex tumbled 1,097 points, or 1.37 per cent, to settle at 78,918.90.

The 50-share NSE Nifty dropped 315.45 points, or 1.27 per cent, to end at 24,450.45.

The US and Israel launched military strikes on Iran on February 28, killing Ayatollah Ali Khamenei, Iran's supreme leader.

Following the military offensive, Iran has carried out a wave of attacks mainly targeting Israeli and American military bases in several Gulf countries, including the UAE, Bahrain, Kuwait, Jordan, and Saudi Arabia.