New Delhi

Sharesof oil marketing companies rallied on Wednesday, with HPCL surging nearly 10 per cent, as crude oil prices retreated sharply to fall below the USD 100-mark after the US and Iran announced a two-week ceasefire. Brent crude, the global oil benchmark, dropped 15.16 per cent to USD 92.54 per barrel.

The stock of Hindustan Petroleum Corporation Ltd (HPCL) zoomed 9.93 per cent to settle at Rs 364.30 on the BSE. Shares of Bharat Petroleum Corporation Ltd (BPCL) jumped 7.44 per cent to Rs 298.05 and Indian Oil Corporation climbed 6.62 per cent to Rs 143.40. Stock markets also cheered the ceasefire announcement. Oil marketing companies had come under pressure recently due to higher crude oil prices, which threatened to squeeze their refining and marketing margins. “The benchmark equity indices witnessed a sharp rally on Wednesday, tracking firm global cues and a steep decline in crude oil prices following the announcement of a two-week ceasefire between the US and Iran,” according to Bajaj Broking Research.

Among paints manufacturers, Shalimar Paints soared 7.19 per cent, Indigo Paints climbed 6.01 per cent, Kansai Nerolac Paints rallied 5.45 per cent, Asian Paints advanced 4.46 per cent, and Berger Paints went up 1.55 per cent.