Share market update: Tyre stocks fall on rise in crude prices; Apollo Tyres dips over 2%

NEW DELHI: Tyre stocks were trading lower in Monday's morning session after global crude prices rallied by about 3 per cent to levels last seen in November 2018.

Oil prices shot up after a Reuters source confirmed a report that the United States is preparing to announce on Monday that all buyers of Iranian oil will have to end their imports shortly, or be subject to US sanctions. Removing the sanctions exemptions would reduce oil supply from a market that is already tight because of US sanctions against Iran and fellow OPECmember Venezuela.

Apollo Tyres (down 2.51 per cent) , Phillips Carbon (down 2.40 per cent) , Krypton Industries (down 1.79 per cent) and Balkrishna Industries (down 1.66 per cent) slipped up to 3 per cent.


J K Tyre & Industries (down 1.47 per cent) , TVS Srichakra (down 1.05 per cent) , CEAT (down 1.04 per cent) , Govind Rubber (down 1.04 per cent) and Oriental Carbon & Chem (down 0.88 per cent) too were trading with losses.

The NSE Nifty50 index was trading 92 points down at 11,660.80 at around 11:46 am while the 30share BSE Sensex was down 265.97 points at 38,874.31.

Wipro (up 0.98 per cent) , Tata Consultancy Services (up 0.74 per cent) , Tata Motors (up 0.42 per cent) , Power Grid Corporation of India (up 0.33 per cent) and Tech Mahindra (up 0.31 per cent) were among the top gainers in the Nifty pack.

On the other hand, Bharat Petroleum Corporation (down 5.26 per cent) , Indiabulls Housing Finance (down 4.13 per cent) , Indian Oil Corporation (down 3.97 per cent) , YES Bank (down 3.50 per cent) , Hindalco Industries (down 2.27 per cent) and IndusInd Bank (down 2.12 per cent) were trading in the red.