Airlines, tyre, OMC stocks gain as global oil prices ease

Shares of airlines, tyre and oil marketing companies (OMCs) have rallied by up to 15% on the BSE in intra-day trade after the global oil prices fell on Monday, extending a steep decline in Friday, on expectations major producers may ease output curbs. SpiceJet, Jet Airways (India) and InterGlobe Aviation, the company that operates IndiGo, from the airlines were up in the range of 3% to 15% on the BSE. Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOCL) from the OMCs were up 5% each. Most of these stocks have touched their respective 52-week lows on the BSE during last week.

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