Shares of aviation companies skyrocketed on Indian stock exchanges for a bizarre reason: astrological support!!! Yes, budget carrier SpiceJet saw its shares gain as high as 11.82 percent on Thursday, while those of Jet Airways and IndiGo-owner Interglobe Aviation also rose more than 6 percent, despite no visible positive development.
At around 3.10 pm, SpiceJet was trading 10.44 percent higher at Rs 103.70, while Jet Airways was up 6.35 percent at Rs 510 and Interglobe Aviation up 6.72 percent at Rs 1,158.
A report in the moneycontrol.com quoted Satish, CEO of Astrotips as saying that aviation stocks are poised to get "astrological support", though it wasn't known whether the prediction was confined to just one day.
He also had a bullish forecast for the infra space. "With change in planetary position, infra sector stocks like NCC, IRB Infra, HCC, Patel Engineering, Gyatri Projects, etc will be receiving strong astrological support fro next few weeks," he wrote for the website.
He also has a tip, so to speak, for investors. "We firmly believe that these special astrological positions present very unique opportunities to investors and traders both. This opportunity, if utilised properly, can safeguard your existing portfolio and simultaneously optimise your future investments and trading also. Successful investing and trading is all about good timing only."
The monthly domestic air traffic data for March is likely to be released in a day or two.