Aviation stocks rally on fall in crude oil

Led by Jet Airways (India), aviation stocks surged by up to 10% in morning trade on the BSE today, triggered by a sharp fall in crude oil prices.

Investors also went on buying spree ahead of an EGoM meet on fuel hike, with shares of Jet Airways advancing by 9.96% to touch an early high of Rs 454, while SpiceJet's shares climbed 9.3% to hit an early peak of Rs 29.75.

In-line with the bullish market trend, Kingfisher Airlines touched a high of Rs 37.50, up 4.3% from the previous close on the BSE.

According to media reports, the International Energy Agency has 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, as HPCL gained 5.72%, BPCL 4% and IOC 3.2%.

Meanwhile, the BSE benchmark Sensex was trading higher by 326.46 points at 18,053.95 during noon trade.