Aviation stocks rallied , with budget carrier SpiceJet hitting the upper circuit on BSE buoyed by a sharp fall in crude oil prices.
Shares of SpiceJet skyrocketed by 19.85 per cent to hit the upper limit of Rs 32.60 on BSE. Sentiments were also strong amid reports that SpiceJet has sought RBI’s approval to raise USD 270 million from Canada’s export finance agency Export Development Canada for aircraft purchases.
Other aviation stocks, including Jet Airways (India), were also on the buyers’ radar. Jet Airways gained 13.76 per cent to settle at Rs 469.65, while Kingfisher Airlines closed at Rs 38.80, up 7.93 per cent from the previous close.
Crude oil, yesterday, dipped by about 4 per cent in global market after the International Energy Agency said that 28 countries have agreed to release 60 million barrels of crude oil into the market to offset disruptions prompted by Libya’s war. World oil prices slumped yesterday amid a stronger dollar
and gloom over the global economic outlook.
Oil marketing companies too saw good buying interest ahead of the EGoM meet on fuel price hike, as HPCL gained 6.15 per cent, BPCL 2.85 per cent and IOC 2.74 per cent. ?In addition to positive on the crude oil front and expectation that the Government may hike price of oil products or reduce excise duty boosted sentiments,? Motilal Oswal Securities Associate VP -Sr Analyst – Technical Equities Parag Doctor said.
The BSE key index Sensex finished the day on a buoyant note, surging by 513.19 points, or 2.89 per cent to 18,240.68.