Stock market update: Tyre stocks rise as crude prices fall; Balkrishna Industries, Ceat up 3%

NEW DELHI: Most tyres stocks were trading in the green in morning trade on Thursday due to a fall in global crude oil prices.

Carbon black and synthetic rubber, which form a major portion of the raw materials for tyre industries, are crude based, hence a change in crude oil prices have an impact on tyre stocks.

Brent crude oil had its biggest one-day drop in two years on Wednesday as escalating US-China trade tensions threatened to hurt oil demand, and news that Libya would reopen its ports raised expectations of growing supply.


Shares of Balkrishna Industries (up 3.46 per cent), Ceat (up 3.17 per cent), J K Tyre & Industries (up 2.58 per cent), Apollo Tyres (up 2.34 per cent) and TVS Srichakra (up 2.10 per cent) climbed up to 3 per cent.

MRF (up 1.65 per cent), PTL Enterprises (up 1.64 per cent), Phillips Carbon (up 1.22 per cent), Oriental Carbon & Chemicals (up 0.91 per cent) and Goodyear India (up 0.60 per cent) were also witnessing traction in their shares.

The BSE Sensex scaled fresh record high in early trade on Thursday amid firm global cues and fall in crude oil prices.

The NSE Nifty also reclaimed 11,000-mark in today's trade for the first time since February 1, 2018.

The NSE Nifty50 index was trading 80 points up at 11,028 around 09:30 am, with 40 stocks in the green and 10 in the red.

The 30-share BSE Sensex was up 258 points at 36,524 around the same time.

HPCL, BPCL, Indian Oil Corporation, Dr. Reddy's Laboratories and HCL Technologies were among the top gainers in the Nifty index.