Aviation stocks soar as oil prices dip

Shares of Jet Airways and SpiceJet today surged up to 5 per cent aided by decline in crude oil prices.
Jet Airways rallied 5.19 per cent to settle at Rs 268.40 on the BSE.
Similarly, SpiceJet gained 1.05 per cent to Rs 15.41.
Aviation stocks rallied on hopes that fall in crude oil prices would help these companies improve profitability by reducing operating costs.
Jet fuel constitutes about 40 per cent of airlines' operating cost.
Fall in the global crude oil prices to four-year low also boosted the market sentiment as India imports nearly 80 per cent of its oil requirements.

In the broader market, the BSE benchmark index Sensex settled with a gain of 52.72 points at 28,438.91.