Brent Crude Drop Sparks Oil Sector Surge

Shares in sectors sensitive to crude oil prices, including oil marketing, aviation, and paints, saw a significant increase on Tuesday as Brent crude oil prices sharply corrected. This shift comes amid optimism surrounding a potential de-escalation in the Middle East conflict.

Hindustan Petroleum Corporation Ltd witnessed a rise of 5.26 percent, while Bharat Petroleum Corporation Ltd climbed 4.59 percent, and Indian Oil Corporation jumped 3.89 percent on the BSE. Meanwhile, SpiceJet's shares rose by 5 percent, and InterGlobe Aviation increased by 4.15 percent.

Geopolitical developments, such as the US President's ceasefire announcement, hint at a return to normalcy, influencing sharp market reactions. Kansai Nerolac Paints, Asian Paints, Indigo Paints, and Berger Paints also saw gains. Concurrently, the Sensex and NSE Nifty indices rebounded, reflecting market optimism.

(With inputs from agencies.)