Two airline stocks gained by 4.8% to 9.99% at 09:55 IST on BSE after global crude oil prices tumbled yesterday, 27 November 2014 as the Organization of Petroleum Exporting Countries refrained from reducing output.
Jet Airways (India) (up 9.99% to Rs 295.10) and SpiceJet (up 4.8% to Rs 16.15) surged.
Meanwhile, the S&P BSE Sensex was up 323.38 points or 1.14% at 28,762.29
Brent crude oil futures slipped marginally today, 28 November 2014 after sinking to a four-year low, yesterday, 27 November 2014, after the Organization of Petroleum Exporting Countries (OPEC) refrained from reducing output. The OPEC kept its production ceiling steady at yesterday's meeting in Vienna, resisting calls from Venezuela to cut output. Brent for January 2015 settlement slipped 1 cent at $72.57 a barrel. Brent for January 2015 settlement had dropped $5.17 a barrel to finish at $72.58 a barrel during the previous trading session, the lowest close since August 2010.
Aviation turbine fuel (ATF) or jet fuel price is linked to international crude oil prices. Jet fuel constitutes about 40% of airlines' operating cost.
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