Aviation, OMC stocks surge as crude oil weakens
The BSE benchmark Sensex surged 240.61 points to end at 35,165.48.
New Delhi: Shares of aviation and oil market companies surged up to 20 per cent on Monday following drop in global crude oil prices.
The scrip of SpiceJet soared 19.99 per cent, Jet Airways 7.67 per cent and InterGlobe Aviation 2.38 per cent on the BSE. Also, shares of Hindustan Petroleum Corporation Ltd surged 6.10 per cent, Bharat Petroleum Corporation Ltd 5.17 per cent and Indian Oil Corporation 4.13 per cent.
Prices of Brent crude fell further by 1.88 per cent to USD 75 per barrel in global markets. "Crude oil and the US dollar were the drivers of the markets yet again on Monday. As expected airlines and OMCs had a field day," said VK Sharma, Head Private Client Group and Capital Market Strategy, HDFC Securities.
The BSE benchmark Sensex surged 240.61 points to end at 35,165.48.