Shares of three aviation firms jumped by 4.03% to 7.68% at 11:55 IST on BSE as crude oil prices were stuck near 12-year lows.
Meanwhile, the S&P BSE Sensex was up 214.21 points or 0.90% at 24,405.47.
Jet Airways (India) (up 5.6%), InterGlobe Aviation (up 4.03%) and SpiceJet (up 7.68%) gained.
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.
Crude oil prices were stuck near 12-year lows at below $30 a barrel as Iran ordered a boost to crude production after the West lifted sanctions, exacerbating an already oversupplied global market. In the global commodities market, Brent crude oil prices edged higher after a drop yesterday, 18 January 2016. Brent for March settlement was currently up 54 cents at $29.09 a barrel. The contract had fallen 39 cents or 1.34% to settle at $28.55 a barrel during the previous trading session.
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