Airline stocks rally; SpiceJet gains 4% on fall in crude oil prices

Shares of low-cost carrier SpiceJet were up 4% at Rs 86.95 apiece on BSE in the intra-day trade in an otherwise weak market owing to fall in crude oil prices. In comparison, the S&P BSE Sensex was down 1% at 35,083 points at 10:50 am.

Oil has plunged more than 40% from a four-year high in October on the prospect of a supply glut. The airline companies benefit from the fall in the price of aviation turbine fuel (ATF), which constitutes their main expense.

In the past six trading days, SpiceJet has outperformed the market by gaining 15.5%, as compared