Paint stocks surge up to 4% on decline in crude prices

Shares of Berger Paints, Asian Paints, Akzo Nobel, and Kansai Nerolac surged up to 4% as oil prices dropped around $3 a barrel, benefiting paint companies due to a fall in crude derivatives. However, oil prices rebounded due to bargain hunting, clawing back some lost ground from the previous day’s decline. The increase was limited due to investor caution ahead of key policy decisions by the US Federal Reserve and other central banks. Despite this, Saudi Arabia’s pledge to cut its July output by 1 million barrels per day has created a boost in prices.