Paintstocks gain due to fall in crude oil prices

Asian Paints, Berger Paints, Shalimar Paints, Kansai Nerolac Paints, JK Tyre, SpiceJet, Jet Airways and Ceat were trading higher more than 4% as the extension of a low oil price scenario augurs well for their crude-related raw material expenses. In comparison, the S&P BSE Sensex was up 1.4% at 34,918 points at 10:10 AM. Most the companies from these sectors, thus far reported their September quarter earnings, have posted a weak set of numbers due to a significant increase in input costs led by rupee depreciation and higher crude prices, which impacted the net profit. Brent and US crude posted their biggest monthly percentage decline since July 2016 in October, with Brent down 8.8% for the month and US crude losing nearly 11%. Oil prices fell on Thursday to extend losses from the previous session, pressured by signs of rising supply and by growing concerns that demand may weaken on the prospect of a global economic slowdown