Shares of two airline stocks rose by 1.5% to 2.54% at 13:45 IST on BSE after slide in crude oil prices.
Meanwhile, the S&P BSE Sensex was up 83.59 points or 0.3% at 28,309.14.
Among airline stocks, Jet Airways India (up 2.54%), and SpiceJet (up 1.5%) edged higher.
Shares of Jet Airways India had outperformed the market over the past one month till 5 August 2015, rising 47.97% compared with Sensex's 0.46% gain. The scrip had however underperformed the market in past one quarter, gaining 0.86% as against Sensex's 2.85% gain.
Shares of SpiceJet had outperformed the market over the past one month till 5 August 2015, rising 40.42% compared with Sensex's 0.46% gain. The scrip had also outperformed the market in past one quarter, gaining 43.05% as against Sensex's 2.85% gain.
Meanwhile, in the global commodities markets, Brent crude oil futures edged lower. Brent for September settlement was currently off 1 cent at $49.58 a barrel. The contract had declined 40 cents or 0.8% to settle at $49.59 a barrel during the previous trading session.
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Meanwhile, PSU OMCs had on 31 July 2015 announced reduction in jet fuel prices by Rs 4,860 per kilolitre or 9.47% at Rs 46,407.36 per kilolitre in Delhi, with corresponding changes in other states. The revised prices took effect from 1 August 2015.
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.
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