Two airline stocks fell by 1.4% to 3.08% at 14:20 IST on BSE after crude oil prices surged yesterday, 25 February 2015.
Meanwhile, the S&P BSE Sensex was down 238.16 points or 0.75% at 28,791.40.
Among airline stocks, Jet Airways India (down 3.08%) and SpiceJet (down 1.4%) edged lower.
Shares of Jet Airways India had outperformed the market over the past one month till 25 February 2015, gaining 4.63% compared with 0.93% fall in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 85.64% as against Sensex's 2.36% rise.
Shares of SpiceJet had outperformed the market over the past one month till 25 February 2015, gaining 12.13% compared with 0.93% fall in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 66.67% as against Sensex's 2.36% rise.
Brent crude oil futures edged lower after yesterday's rally triggered by weakness in dollar and comments from Saudi Arabia's oil minister Ali Al-Naimi that oil demand is growing. Brent for April settlement was off 18 cents at $61.45 a barrel. The contract had jumped $2.97 a barrel or 5.06% to settle at $61.63 a barrel during the previous trading session.
More From This Section
Jet fuel constitutes over 40% of an airline's operating costs. Prices of jet fuel are directly linked to crude oil prices. PSU OMCs review jet fuel prices on the last day of the month based on the average imported oil price in the preceding fortnight.
Powered by Capital Market - Live News