Domestic airlines had a jumpstart to their day

Airlines stocks outperformed the weakness on the broader market as their main input, fuel prices, hit 3-month lows.

Jet Airways surged 4 percent and Spice Jet added 2 percent on a day when the broader Nifty was down nearly a percent on weak Asian cues.

Fuel accounts for 45-50 percent of Airlines' costs. With global crude oil prices dipping to their lowest level since April, stocks of airline companies have gone up smartly. Crude oil is down 17 percent from its most recent high of 62 dollars a barrel.

Jet Airways rose 13 rupees to 346.85 rupees. Its shares have gained 22 percent in one week. Spice Jet added 0.50 rupees at 21.20. Spice Jet is trading near 18-month highs.

(image credits: cnn)