Stocks of aviation and OMCs (oil marketing companies) on Monday surged over 5 percent as crude oil prices declined significantly after the announcement of the United States-Iran deal.
The stock of India’s
largest aviation company IndiGo surged up to 5 percent. The stock opened higher by 2.5 percent at Rs 4,829 apiece compared to the previous close of Rs 4,708 apiece. The stock further surged to Rs 4,941 apiece which was almost 5 percent higher than the previous close.
Similarly, the stock of SpiceJet climbed up to YY percent. It opened higher by 6 percent at Rs 13.10 apiece compared to the previous close of Rs 12.35 apiece.
The stock further increased to Rs 13.38 apiece which was 8.3 percent higher than the previous close.
The aviation sector was among the worst-hit due to the Israel-US-Iran war since the last 3 months.
IndiGo and Air India have cut their overseas flights amid shrinking margins.
Stocks of oil marketing companies also rose on Monday. The stock of Indian Oil Corporation jumped up to 5.3 percent.
It opened higher by 4 percent at Rs 146.55 apiece compared to the previous close of Rs 140.95 apiece.
The stock further increased to Rs 148.45 apiece which was 5.3 percent higher than the previous close.
Similarly, the stock of Hindustan Petroleum jumped up to 5.4 percent. It opened higher by 5 percent at Rs 407.85 apiece compared to the previous close of Rs 388.75 apiece.
The stock further increased to Rs 410 apiece which was 5.4 percent higher than the previous close.
The scrip of Bharat Petroleum also climbed up to 4.7 percent on the bourses.
The rise is stocks of OMCs has come after a significant relief in crude oil prices. Brent Crude on Monday declined over 5 percent to around $83 per barrel mark.
The war has sent crude oil prices to their record levels during the war. While the peace deal has been announced, the formal signing of the deal is yet to take place.
