New Delhi, April 8 Aviation stocks soared on Wednesday morning trading following a sharp decline in crude oil prices after the US and Iran announced a two-week ceasefire.
The easing of geopolitical tensions led to a sharp drop in Brent crude oil prices, which fell by 13% to $94.94 per barrel.
InterGlobe Aviation, the parent company of IndiGo, jumped by 10.98% to Rs 4,737.40 on the BSE.
The SpiceJet stock also rose by 4.99% to reach its upper circuit limit of Rs 11.14.
The stock markets also turned bullish following the ceasefire announcement. The 30-share BSE Sensex jumped by 2,839.53 points or 3.80% to 77,456.11 in the morning trading session. The 50-share NSE Nifty surged by 837.6 points or 3.62% to 23,961.25.
"The announcement of a temporary two-week ceasefire between the US and Iran has significantly improved global risk appetite, easing concerns about prolonged conflict and potential supply disruptions," said Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm.
Asian equities are trading higher, while the sharp pullback in crude oil prices—now below the $100 mark and trending towards the $91–96 range—offers a significant boost for India, he said.
"Lower oil prices help ease inflationary pressures, support the current account, and improve the broader macroeconomic outlook," Ponmudi added.