Sensex, Nifty consolidate; InterGlobe, Jet, SpiceJet rally

Moneycontrol Bureau

The market continued to be consolidating in afternoon trade with the Sensex hovering around 26100 level. The BSE Midcap and Smallcap indices outperformed benchmarks, rising over 0.7 percent. Even the market breadth was strong as nearly three shares advanced for every share declining on the BSE.

The 30-share BSE Sensex slipped 0.47 points to 26117.07 and the 50-share NSE Nifty unchanged at 7946.35.

Aviation stocks extended gains in afternoon following a 10 percent cut in aviation turbine fuel announced by oil marketing companies post further fall in crude oil prices. Fuel price contributes around 32 percent to operating cost of airline companies. Jet Airways, SpiceJet and InterGlobe Aviation rallied 8-13 percent on value buying.

Global oil benchmark Brent and US crude's West Texas Intermediate (WTI) futures lost more than 30 percent in 2015 on oversupply.