BPCL, HPCL, IndiGo, Asian Paints: OMCs, aviation, and paint stocks rally as oil prices slide; ONGC, Oil India decline

The shares of OMC companies surged up to over 5% in the early trade.

Apart from these, paints and aviation stocks, too, witnessed buying interest. Asian Paints was trading 1.5% higher at ₹2,298.10 apiece on the NSE, while Interglobe Aviation shares were up 4% at ₹5,678.50.

Tyre stocks were also trading in the green as a fall in crude oil prices is positive for the tyre manufacturers.

On the other hand, shares of ONGC were trading over 2% lower, while Oil India was down 3.5% at ₹455.60 on the NSE.

The oil prices slid as US President Donald Trump announced a complete ceasefire between Israel and Iran.

"Brent crude futures fell $2.69, or 3.76%, to $68.79 a barrel as of 0006 GMT, after falling more than 4% earlier in the session and touching its lowest level since June 11," per a Reuters report.

US West Texas Intermediate crude slumped $2.7, or 3.94%, to $65.46 per barrel, having hit its weakest level since June 9 earlier in the session and falling around 6%, the report added.

At 08:13 AM, WTI Crude futures (August contracts) were trading at $66.99 per barrel, down 2.22%, while Brent Crude futures (August contracts) were trading at $69.92, down 2.18%, per Bloomberg data.

US President Trump announced on Monday that Israel and Iran have fully agreed to a ceasefire, adding that Iran will begin the ceasefire immediately, followed by Israel after 12 hours. If both sides maintain peace, the war will officially end after 24 hours, concluding a 12-day conflict.

Trump added that a "complete and total" ceasefire will go into force with a view to ending the conflict between the two nations.

Iran is OPEC's third-largest crude producer, and the easing of tensions would allow it to export more oil and prevent supply disruptions, a major factor in oil prices jumping in recent days.