Private air carrier Jet Airways (India) spurted 5.59% to Rs 500.55. The stock topped the gainers in the BSE's 'A' group.
Shares of aviation companies rose as US crude oil futures dropped below $90 a barrel mark for the first time in more than a month as economic growth unexpectedly eased in China, the world's second-largest crude oil user. Prices of aviation turbine fuel (ATF), which constitutes approximately 40% to 50% of operating expenses of Indian airlines, are directly linked to crude oil prices.
State-run Canara Bank jumped 5.51% to Rs 409.75. The stock was second biggest gainer in 'A' group.
Public sector oil marketing company (PSU OMC), BPCL climbed 5.44% to Rs 394.70. The stock was third biggest gainer in 'A' group.
Another PSU OMC, HPCL rose 4.91% to Rs 311.95. The stock was fifth biggest gainer in 'A' group.
Shares of PSU OMCs rose as US crude oil futures dropped. Lower crude oil price will reduce under-recovery of PSU OMCs on domestic sales of diesel, LPG and kerosene at government controlled prices. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals while completely deregulating diesel prices sold to institutional or bulk buyers. The government deregulated petrol prices in June 2010.
Media firm TV18 Broadcast rose 5.23% to Rs 27.15. The stock was fourth biggest gainer in 'A' group.
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