Crude oil prices have seen a sharp knock in overnight trading as concerns over the state of the two largest economies of the world – The US and China have reignited, triggering a sharp sell-off in the equity markets across Wall Street and the Asia Pacific as well.

Atul Suri of Marathon spoke to CNBC-TV18 earlier in the day on Wednesday and said that Brent Crude could see a strong support coming in at levels of $70, but the trends may turn worrisome if it slips below those levels.

In response to the fall in crude oil prices, shares of Oil market companies are trading with gains on Wednesday in what is otherwise a weak market.

Shares of HPCL are the outperformers in today’s session, rising as much as 4%. BPCL and Indian Oil too saw gains before cooling off from the highs of the day.

Additionally, shares of paint companies are also seeing some gains in today’s session as they too are beneficiaries of the drop in oil prices. Paint companies use crude oil as a key input component for manufacturing and a drop in a key input component will lower costs and thereby aid margins going forward. Shares of Asian Paints, Berger Paints among others are in the green on Wednesday.

Tyre stocks also saw some gains courtesy of the fall in crude oil prices in today’s trading session before they cooled off from the highs of the session. JK Tyre is the only tyre stock still holding on to gains of over 2%.

On the flip side, shares of ONGC and Oil India, the upstream oil explorer companies are seeing some selling pressure in today’s trading session after the correction seen in crude oil prices.

Oil prices falling are negative for ONGC and Oil India as it adversely impacts their margins. The price of the products refined by them may not fall as quickly or in proportion to the fall seen in crude oil prices and hence, refineries which have held inventories bought at higher prices may face inventory losses.