Paint stocks bleed up to 10% as crude oil prices spike; check target prices on these shares

Paint stocks bleed up to 10% as crude oil prices spike; check target prices on these shares

Paint stocks were bleeding during the trading session on Friday as the crude oil prices surged higher amid the rising geopolitical tensions.

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Crude oil is a major component in making paint products and rising crude oil prices dent the margins of the paint makers and increase their input cost.Crude oil is a major component in making paint products and rising crude oil prices dent the margins of the paint makers and increase their input cost.
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Pawan Kumar Nahar
  • Oct 4, 2024,
  • Updated Oct 4, 2024 12:16 PM IST

Paint stocks were bleeding during the trading session on Friday as the crude oil prices surged higher amid the rising geopolitical tensions. Crude oil is a major component in making paint products and rising crude oil prices dent the margins of the paint makers and increase their input cost.

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Crude oil exhibited significant volatility and extended its gains, with WTI prices reaching 5-week highs, testing $74 per barrel in the international markets. Rising tensions between Iran and Israel have been driving up oil prices. Reports suggest that Israel may retaliate against Iran following missile attacks, said said Rahul Kalantri, VP Commodities, Mehta Equities.

Brent crude futures were at $77.51 a barrel on Friday but were headed for a weekly gain of about 7.7 per cent, the largest since February 2023. Crude oil prices have surged sharply this week, and further escalation of the conflict in the Middle East could continue to buoy prices.

Indian markets are under severe pressure. A sudden spike in the Indian VIX has emerged, which negatively impacts short-term market sentiment, further contributing to the cautious outlook among investors, said Ajay Garg, Director & CEO, SMC Global Securities.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Paint stocks were bleeding during the trading session on Friday as the crude oil prices surged higher amid the rising geopolitical tensions. Crude oil is a major component in making paint products and rising crude oil prices dent the margins of the paint makers and increase their input cost.

Advertisement

Crude oil exhibited significant volatility and extended its gains, with WTI prices reaching 5-week highs, testing $74 per barrel in the international markets. Rising tensions between Iran and Israel have been driving up oil prices. Reports suggest that Israel may retaliate against Iran following missile attacks, said said Rahul Kalantri, VP Commodities, Mehta Equities.

Brent crude futures were at $77.51 a barrel on Friday but were headed for a weekly gain of about 7.7 per cent, the largest since February 2023. Crude oil prices have surged sharply this week, and further escalation of the conflict in the Middle East could continue to buoy prices.

Indian markets are under severe pressure. A sudden spike in the Indian VIX has emerged, which negatively impacts short-term market sentiment, further contributing to the cautious outlook among investors, said Ajay Garg, Director & CEO, SMC Global Securities.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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