After the brent crude slumps in price overnight to a record low in two-years time, shares from both the oil marketing and airlines space made gains while the overall Sensex and Nifty index were upbeat pushed by heavyweights such as RIL etc.
Shares from the OMC space such as those including BPCL, IOC, HPCL rose by over 5% to Rs. 385.80, Rs. 164.20 and RS. 281.50 per share, respectively on the BSE.
The S&P BSE Oil and Gas Index was trading higher with gains of as much as 2%.
Meanwhile stocks from the aviation bucket also made gains from 4-7%. Interglobe Aviation which runs the no-frill low cost air carrier hit an high of Rs. 1,121.3 by surging over 4% on the BSE. While another stock, Spicejet made gains by as much as 6.57% to Rs 117.60 on the BSE.
Also, in intra-day session today, in a landmark, RIL stock hit a new high with market cap reaching $100 billion by surging as much as 5%.
As per Reuters report, escalating US-China trade war tensions are threatening to impact oil demand. Also, the news that Libya would reopen its supply raised expectations of increased supply.