Aviation stocks rally on fall in crude oil

Jun 24, 2011 |

mumbai

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Led by Jet Airways (India), aviation stocks surged by up to 10 per cent in morning trade on the BSE on Friday, triggered by a sharp fall in crude oil prices.

Investors also went on buying spree ahead of an EGoM meet on fuel hike, with shares of Jet Airways advancing by 9.96 per cent to touch an early high of454, while SpiceJet’s shares climbed 9.3 per cent to hit an early peak of29.75.

In-line with the bullish market trend, Kingfisher Airlines touched a high of37.50, up 4.3 per cent from the previous close on the BSE.

According to media reports, the International Energy Agency has said that twenty-eight countries have agreed to release 60 million barrels of crude oil into the market to offset disruptions prompted by Libya’s war.

World oil prices slumped on Thursday amid a stronger dollar and gloom over the global economic outlook.

Oil marketing companies too saw good buying interest, as HPCL gained 5.72 per cent, BPCL 4 per cent and IOC 3.2 per cent.

Meanwhile, the BSE benchmark Sensex was trading higher by 326.46 points at 18,053.95 during noon trade.

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