Shares of oil marketing companies and airline companies were trading higher on Wednesday following an overnight slump in global crude oil prices.
SpiceJet, Hindustan Petroleum Corporation (HPCL), Jet Airways, InterGlobe Aviation (Indigo), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) rose up to 5 per cent on the BSE in early trade.
Crude 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 crude futures settled down 7.3 per cent while Brent 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, HPCL was trading at Rs 235.35, up 1.8 per cent, while IOC and BPCL 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, SpiceJet was the top gainer rising 4.8 per cent at Rs 84.75, Jet Airways was at Rs 251.60, up 2.5 per cent and Indigo was up 2.4 per cent at Rs 1,133.65.