New Delhi:Aviation stocks ended sharply higher on Wednesday following a steep decline in crude oil prices after the US and Iran announced a two-week ceasefire.

Easing of geopolitical stress led to a sharp fall in Brent crude oil prices, which tumbled 14.12 per cent to USD 93.95 per barrel.

InterGlobe Aviation, the parent firm of IndiGo, jumped 8.16 per cent to settle at Rs 4,616.60 on the BSE. During the day, it zoomed 10.98 per cent to Rs 4,737.40.

The stock of SpiceJet climbed 5 per cent to reach its upper circuit limit of Rs 11.14. “The rally was primarily driven by a sharp improvement in global sentiment following the announcement of a temporary ceasefire between the US and Iran, which led to a significant cooling in crude oil prices,” Ajit Mishra, SVP, Research, Religare Broking Ltd, said. Crude-related stocks like refineries, aviation with exposure to the Gulf region, paints and adhesives will be on a strong wicket, V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd had said earlier in the day.