Kingfisher Airlines rose 5.36% to Rs 19.65, extending Tuesday's (10 April 2012) 7.49% rise.

Jet Airways (India) rose 4.11% to Rs 354.60, extending Tuesday's 2.85% rise.

SpiceJet rose 1.27% to Rs 27.85, extending Tuesday's 2.80% rise.

The BSE Sensex was down 125.25 points or 0.73% at 17,118.59.

Kingfisher Airlines had underperformed the market over the past one month until 10 April 2012, falling 11.61% compared with the Sensex's 1.48% fall. The scrip had also underperformed the market in past one quarter, falling 11.61% as against 6.67% rise in the Sensex.

Jet Airways (India) had outperformed the market over the past one month until 10 April 2012, rising 15.89% compared with the Sensex's 1.48% fall. The scrip had also outperformed the market in past one quarter, spurting 78.98% as against 6.67% rise in the Sensex.

SpiceJet had outperformed the market over the past one month until 10 April 2012, gaining 27.91% compared with the Sensex's 1.48% fall. The scrip had also outperformed the market in past one quarter, rising 50.68% as against 6.67% rise in the Sensex.

According to reports, the cabinet is soon likely to take a decision on a proposal to allow foreign airlines to pick up stake in domestic carriers, most of which are facing a financial crisis. The cabinet meeting would reportedly be held on Thursday, 12 April 2012.

Allowing foreign carriers to invest in domestic carriers will bring much-needed cash for the ailing domestic aviation sector that has been badly hit by high jet fuel price and a weak rupee. At present, while foreign airlines are barred from investing in Indian carriers, other foreign investors are allowed to pick upto 49% stake.