Sector giant Asian Paints led its peers higher in morning trade as crude oil prices continued to remain muted at their 3-month lows.
Paint companies use several crude oil intermediates as raw materials for their final product. Therefore, a drop in crude oil prices results in higher margins for paint companies.
Asian Paints gained 3.4% to Rs 809.70. Shalimar Paints surged 4.6% to Rs 133. Kansai Nerolac rose 3.7% at Rs 240 and Berger Paints was up 2.9% at Rs 213.
(Image credit: Indiatimes)