Both benchmark indices - Sensex and Nifty - recorded their third straight weekly gains by rising 298.61 points and 97 points, respectively.

While the Sensex gained 118 points or 0.34% to 35,260, the Nifty rose 0.38% or 40 points to 10,616 level.

The domestic currency hit an intra day high of 71.86 - a fresh two-month high-in the forex market compared to its previous close of 72.31 to the US dollar.

All these carriers have been majorly hit by two cost components - aviation turbine fuel (ATF) costs and currency fluctuations.

Brent crude, used to price international oils, dropped 30 percent to $65.17 a barrel. Oil has now fallen for 12 straight days, driven by worries over rising oil production around the world and weakening demand from developing countries, with expectations for increased supply from the US and OPEC.

However, most Asian markets ended lower after a rout in tech stocks, tracking a hefty sell-off on Wall Street, while the dollar hit a 16-month peak on safe haven bets amid China-US trade war worries.

Another crippling factor was the forex loss, which jumped more than six-times to Rs 416.69 crore from Rs 72.99 crore in the year-ago period.

Tata Motors (4.84%), Hero MotoCorp (3.82%) and PowerGrid 2.87% were the top Sensex losers. Of 30 Sensex stocks, 25 closed lower.