NEW DELHI: Shares of Airline companies jumped up to 8 per cent in morning trade on Wednesday after global crude oil prices slipped to their three-month low level.
Global crude oil prices declined after prospects of a tight supply faded on Saudi Arabia's assurance that it will help maintain oil supply after US sanctions on Iran comes into effect from November 4.
TAAL Enterprises (up 8 per cent), SpiceJet (up 3.49 per cent), Jet Airways (India) (up 2.80 per cent) and InterGlobe Aviation (IndiGo) (up 1.16 per cent) witnessed decent traction in their shares.
IndiGo is expected to release its September quarter earnings today. Weak rupee and higher fuel prices have hit the profitability of airline companies.
A sharp fall in global crude oil prices and a strong recovery in domestic currency caused equity benchmarks Sensex and Nifty register a gap-up opening on Wednesday.
The NSE Nifty index was trading 113 points up at 10,260, while the BSE Sensex was up 326 points at 34,173 around 09:30 am.
In the Sensex pack, Wipro, TCS, Sun Pharma, Infosys, PowerGrid and Kotak Mahindra Bank were in the red.
On the flip side, Mahindra & Mahindra, Asian Paints, HDFC, ICICI Bank and IndusInd Bank were among the top gainers in the Sensex index.
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