SpiceJet (up 3.55%), Jet Airways (India) (up 2.85%) and Kingfisher Airlines (up 1.99%), edged higher.
The BSE Sensex was down 183.94 points or 1.02% at 17,925.95.
SpiceJet had underperformed the market over the past one month until 2 August 2011, falling 8.51% compared with the Sensex's 3.48% fall. The stock had also underperformed the market in past one quarter, sliding 30.88% as against 4.67% decline in the Sensex.
Jet Airways (India) had underperformed the market over the past one month until 2 August 2011, sliding 9.53% compared with the Sensex's 3.48% fall. Jet Airways (India) had also underperformed the market in past one quarter, falling 11.83% as against 4.67% decline in the Sensex.
Kingfisher Airlines had underperformed the market over the past one month until 2 August 2011, sliding 19.06% compared with the Sensex's 3.48% fall. Kingfisher Airlines had also underperformed the market in past one quarter, falling 23.24% as against 4.67% decline in the Sensex.
Easing of crude oil prices may bring down prices of jet fuel, which accounts for over 50% of airlines' operating cost. Jet fuel prices are linked to crude oil prices. State-owned oil marketing companies hiked jet fuel prices by 2.7%, with effect from Sunday, 31 July 2011, midnight. Aviation turbine fuel (ATF) price in Delhi was hiked by Rs. 1,520 per kilolitre (kl), or 2.69%, to Rs. 57,844 per kl, in line with firming crude oil rates in international markets.
Oil declined in Asian electronic trade on Wednesday, 3 August 2011, in its longest losing streak since May 2011, as investors bet that signs of a slowing US economy indicate fuel demand will falter in the world's biggest crude-consuming nation. Light, sweet crude futures for delivery in September fell 49 cents or 0.52% at $93.30 a barrel.
State-run oil marketing companies--Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation--revise jet fuel prices on the 1st and 16th of every month, based on the average international crude price in the preceding fortnight.
