Rising crude oil prices triggered fresh concerns for aviation stocks with shares of all three main airline companies - IndiGo, Jet Airways and SpiceJet - extending losses on Tuesday. Concerns stem from the fact that higher crude oil prices will eat into already thin margins and profitability of these companies. Brent crude oil prices surged over 3 percent overnight as investors anticipate supply crunch caused by the upcoming US sanctions against Iran and the Opec's non-commitment to raise output. Indian airline companies are prone to volatility in crude oil prices as jet fuel costs account for more than a third of their expenditure. Shares of InterGlobe Aviation and Jet Airways India declined over 2.2 percent each, while those of SpiceJet fell over 5 percent. Meanwhile, benchmark equity indexes recouped losses from early trade as the Indian rupee mildly recovered against the dollar. The NSE Nifty50 traded at 10,956.10, still down by 11.30 points, or 0.10 percent, while the BSE Sensex was trading at 36,267.04, lower by 37.98 points, or 0.10 percent at 10.05 am.

Indian equity market opened on a flat note on Tuesday and turned negative. The BSE Sensex settled at 36,350.25, higher by 45.23 points, or 0.12 percent in the opening tick. At 9.16 am, the 30-share S&P BSE index slipped lower by 12 points, or 0.03 percent, to 36,292.99. The NSE Nifty50 opened flat at 10,969.95, up by just 2.55 points, 0.02 percent. It shed over 12 points, or 0.11 percent, to trade at 10,955.15. 

The Indian rupee opened at 72.89 against the US dollar, weakening further from its Monday's close of 72.63 against the greenback.

Kotak Securities on consumers:
Advise resisting any temptation to look at the recent correction in the sector. 
There is very little value; earnings prognosis is a mixed bag. 
Volume prognosis improving a tad but risks to margin improvement thesis rising too.
Remain cautious overall; ITC, Britannia, Nestle, Jubilant Food and Colgate preferred picks.

Axis Capital on airline companies:
Capacity utilisation declined as Indigo & GoAir impacted by P&W engine issues.
Return to sub-20% YoY passenger growth remains a concern. 
Low growth and weak fare outlook may keep margin in check.
Market share remains steady as most airlines run at full capacity.

Jefferies on engineering and construction:
Engineering air-conditioner segment back on growth path after 8 years of weak demand.
Prospects for both industries are strong in the medium term.
Upgrades Blue Star to BUY, target price at Rs 800/share.
Blue Star share price reflects margin impact of water purifier investment.
Remain positive on Voltas and believe weakness is a buying opportunity.
Commodity and currency impact limited to 1-2 quarters.
Target price for Voltas at Rs 750/share.