Shares of aviation companies such as Jet Airways, SpiceJet and Kingfisher Airlines are trading higher by over 3% in otherwise weak market on hopes that state-run oil marketing companies may cut aviation turbine fuel (ATF) prices on lower crude oil prices.

Jet fuel constitutes more than 50% of operating cost for airline companies, are linked to crude oil prices. Brent crude, which is used to price international varieties of oil, dropped $0.34 to $97.66 per barrel in London today.

“Brent crude futures ended lower for a third straight day on Monday, as a rally on a rescue deal for Spain's banks floundered after investors began to worry that the package might not suffice and debt fears in other euro zone nations persisted," Reuters report suggests.

Among the individual stocks, Kingfisher Airlines has rallied 4.4% at Rs 12.64, followed by SpiceJet up 4% at Rs 33.10 and Jet Airways up 3.3% at Rs 368 on the Bombay Stock Exchange.