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  5. ONGC, OIL rally over 2% as Brent moves past $100/bbl; other oil-linked stocks trade mixed, Asian Paints, IndiGo in red

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ONGC, OIL rally over 2% as Brent moves past $100/bbl; other oil-linked stocks trade mixed, Asian Paints, IndiGo in red

Swati Verma
By Swati Verma

3 min read | Updated on September 10, 2026, 09:52 IST

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SUMMARY

Brent crude, the international benchmark, climbed above $100 a barrel after attacks on oil facilities and ships in the Middle East threatened to further disrupt an already strained supply chain.

Stock list

ONGC
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OIL
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ASIANPAINT
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BERGEPAINT
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INDIGO
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MRF
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JKTYRE
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Oil-linked stocks in focus, Sept 10

Shares of upstream oil producers such as ONGC and Oil India are expected to benefit from higher crude prices, as they can earn better realisations on the oil they produce. Image: Unsplash

Shares of oil-linked companies, including upstream producers such as ONGC and Oil India, downstream oil marketing companies (OMCs) such as Indian Oil Corporation, HPCL and BPCL, as well as paint, tyre and aviation stocks, were in the spotlight on Thursday, September 10, after crude oil prices crossed the $100-a-barrel mark.

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The surge came as fighting between the US and Iran escalated, raising concerns over further supply disruptions and higher energy costs for consumers and businesses worldwide.

Brent crude, the international benchmark, climbed above $100 a barrel after attacks on oil facilities and ships in the Middle East threatened to further disrupt an already strained supply chain. The benchmark continued to trade just above the $100 threshold in US trading, with prices last reaching these levels in July.

Here is how crude oil price fluctuations impact different sectors
ONGC, OIL: Shares of upstream oil producers such as ONGC and Oil India are expected to benefit from higher crude prices, as they can earn better realisations on the oil they produce. This can support their revenue and profitability, although the impact also depends on production levels and other factors.
OMCs: Indian Oil Corporation, BPCL and HPCL could face margin pressure when crude prices rise sharply, particularly if they are unable to immediately pass on higher fuel costs to consumers.
Paints: Paint companies such as Asian Paints, Berger Paints and Indigo Paints could come under pressure as higher crude prices increase the cost of key raw materials and inputs derived from crude oil. If companies are unable to pass on the higher costs through price hikes, their margins could be squeezed.
Tyres: Tyre makers could also face higher input costs as crude-linked synthetic rubber and other petroleum-based materials become more expensive. Companies with strong pricing power and better cost management may be better placed to absorb the impact.
Aviation: Higher crude prices are generally negative for airlines as aviation turbine fuel (ATF) is a major operating cost. A sustained rise in oil prices can increase fuel bills and put pressure on airlines’ profitability, unless higher costs are passed on through ticket prices.
RIL and other refiners: Reliance Industries could see a mixed impact from higher crude prices because of its integrated business model spanning refining, petrochemicals and oil production.

While its upstream business can benefit from higher crude prices, elevated feedstock costs can weigh on its petrochemicals business. The overall impact will depend on refining and petrochemical margins as well as crude prices.

How shares were performing

ONGC and Oil India shares jumped over 2% during the early trade, while Asian Paints was down 0.55% at ₹2,475.30. IndiGo Paints traded 1.28% lower at ₹1,097 on the NSE. Among tyres, Apollo Tyres was down 1.22% and MRF was up 0.32% at ₹1,28,720.

Interglobe Aviation shares were down 0.74% at ₹4,938 apiece on the NSE, while SpiceJet traded 0.64% lower at ₹9.33.

Among OMCs, Indian Oil Corporation was flat at ₹135.69 on the NSE, and Bharat Petroleum Corporation (BPCL) shares were up 0.26% at ₹304.35 apiece. Hindustan Petroleum Corp was up 1% at ₹352.55.

While higher crude prices are generally negative for OMCs, tyre and paint companies due to higher input costs, today's market reaction has been mixed.

Investors appear to be weighing the potential for fuel-price pass-through, company-specific factors and the extent to which the crude shock has already been priced into stocks.

Disclaimer: This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult with a financial adviser before making any investment decisions.

About The Author

Swati Verma
Swati Verma is a business journalist with 12 years of experience. She writes on equities, corporate earnings, sectoral trends, and industry outlook, among others. At Upstox, she leads financial markets coverage.

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