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OMCs, airlines gain on crude oil slump; SpiceJet, HPCL, BPCL rise up to 5%

SpiceJet, Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) rose up to 5 per cent on the BSE in early trade.

SI Reporter  |  New Delhi 


Shares of oil marketing companies and airline companies were trading higher on Wednesday following an overnight slump in global oil prices.

SpiceJet, (HPCL), Jet Airways, (Indigo), (BPCL), (IOC) rose up to 5 per cent on the BSE in early trade.

oil prices tumbled on Tuesday after reports of swelling inventories and forecasts that record US and Russian output will hit a market that may see weaker demand if global growth deteriorates as many expect. US futures settled down 7.3 per cent while settled down 5.6 per cent, weakening for a third consecutive session on reports of swelling inventories and forecasts of record US and Russian output.

At 09:41 am, was trading at Rs 235.35, up 1.8 per cent, while and were up 1.3 per cent each at Rs 146.50 and 263.50 respectively. The S&P BSE Oil & Gas index was up 0.8 per cent at 13,759 levels. In comparison, the benchmark S&P BSE Sensex was at 36,442 level, up 0.3 per cent.

Among the airline stocks, was the top gainer rising 4.8 per cent at Rs 84.75, was at Rs 251.60, up 2.5 per cent and was up 2.4 per cent at Rs 1,133.65.

First Published: Wed, December 19 2018. 09:47 IST