Two aviation stocks rose 2.92% to 4.11%, following a slump in global crude oil prices.
SpiceJet (up 4.11%) and Interglobe Aviation (up 2.92%), advanced.
Lower crude oil prices boost aviation firms as jet fuel prices are directly linked to international crude oil prices. Jet fuel typically constitutes over 40% of airlines' operating costs.
In the commodities market, Brent crude for May 2020 settlement was down $12.05 at $33.22 a barrel. The contract tanked $4.50 or 8.99% to settle at $45.53 a barrel during the previous trading session.
Saudi Arabia, the world's top oil exporter, said it would step up production from next month. The decision by state oil company, Saudi Aramco over the weekend came in response to Russia's refusal to join an OPEC plan to cut supplies. Aramco will boost its crude output significantly above 10 million barrels per day (bpd) in April, after a previous agreement to limit supplies agreed by OPEC and Russia expires at the end of March.
SpiceJet is a domestic low-budget air carrier which provides scheduled flights between major cities in India.
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Interglobe Aviation (Indigo) is among the fastest growing low cost carriers in the world.
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