Indian Stocks Tumble as Brent Crude Surges Past $100

Crude-sensitive stocks in India fell sharply on Tuesday as Brent crude oil prices surged past $100 a barrel, amid escalating tensions in the Middle East. This led to concerns over higher input costs and inflationary pressures for several Indian companies.

The shares of oil marketing companies (OMCs) such as Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL), and Indian Oil Corporation declined by 2.88%, 2.42%, and 0.92% respectively, in afternoon trade. Brent crude futures jumped more than 2% to around $99 a barrel, having touched $99.22 earlier in the session.

The weakness in OMC stocks was also reflected in other sectors such as tyre makers and paint stocks. Apollo Tyres declined by 2.20%, while JK Tyre & Industries and CEAT slipped 1.07% and 0.83% respectively.

However, upstream oil producers such as Oil India and ONGC gained as rising crude prices improved the outlook for oil realisations. Oil India shares jumped 2.02% to Rs 496.85, while ONGC gained 1.19% to Rs 236.47.