Shares of three aviation companies rose 1.29% to 1.97% at 15:00 IST on BSE after steep fall in global crude oil prices on Friday, 24 June 2016.
Meanwhile, the S&P BSE Sensex was up 18.91 points or 0.07% at 26,416.62.
Jet Airways (India) (up 1.97%), SpiceJet (up 1.48%) and InterGlobe Aviation (up 1.29%) rose. Lower crude oil prices benefit aviation firms as jet fuel prices, which typically constitute about 50% of airlines' operating costs, are directly linked to international crude oil prices.
In the global commodities markets, Brent for August 2016 settlement was currently up 21 cents at $48.62 a barrel. The contract had declined $2.50 a barrel or 4.91% to settle at $48.41 a barrel during the previous trading session after the UK's vote to leave the European Union in a nationwide referendum triggered a selloff across markets.
Meanwhile, the next revision of jet fuel prices is due this weekend. PSU OMCs review jet fuel prices on the last day of the month based on the average imported oil price for the month.
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