OMCs, paint stocks decline after oil posts biggest one-day gain; ONGC rises

Shares of oil marketing companies (OMCs), paints and aviation companies were trading in the negative territory on Friday, a day after the crude oil prices posted their biggest-one day gains on record after US President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.

At 09:30 am, Bharat Petroleum Corporation (BPCL) was trading around 5 per cent lower at Rs 289 apiece on the BSE. Hindustan Petroleum Corporation (HPCL) was quoting 3.6 per cent lower at Rs 178 while Indian Oil Corporation (IOC) was trading over a per cent lower at Rs 78 apiece.