CLOSING BELL: Sectorally, apart from the BSE IT index, which declined 2 per cent, the Consumer Durables, Metal and Realty indices were the other major losers
Economic slowdown in China, world's second-largest oil consumer, adds to rising concerns about possible global recession triggered by numerous central banks raising interest rates to combat inflation
India's monthly fuel demand in September was at the lowest since November 2021, government data released on Friday showed
CLOSING BELL: IT, select auto and banking stocks aided the market recovery on Monday. TCS gained nearly 2 per cent ahead of its Q2 result.
The decision by OPEC+ to impose larger-than-expected output cuts in a bid to spur a recovery in crude prices could become a cause for concern for India. Let's delve into its possible impact on India
Brent crude oil prices remained near three-week highs of $92.9 per barrel as of late Thursday
Prices also rose on US government data that showed crude and fuel inventories fell last week
Oil has risen so far this week in anticipation of the largest output cut by OPEC+ since the depths of the COVID-19 pandemic in 2020, said Fiona Cincotta, senior financial markets analyst at City Index
Oil prices moderated very slightly on Wednesday after gaining more than 3% in the previous session ahead of a meeting of OPEC+ producers to discuss a big cut in crude output
Indian Oil Corp and Bharat Petroleum Corp are seeking term deals with countries, including the United States, industry sources said
In a bid to recover past losses the state-run oil companies may not immediately lift the six-month-long freeze on daily pricing of automobile fuel rates despite a nearly 30% decline in prices
In a bid to recover past losses the state-run oil companies may not immediately lift the six-month-long freeze on daily pricing of automobile fuel rates despite a nearly 30% decline in prices
Dealers say it's because of delay in index inclusion
The rupee fell by 49 paise to close at 81.89 (provisional) against the US dollar on Monday as heavy selling pressure in the domestic equities and a spike in crude oil prices weighed on the local unit. Besides, a stronger greenback against key rivals and persistent foreign fund outflows put pressure on the domestic currency, forex dealers said. At the interbank foreign exchange market, the local currency opened weak at 81.65, fell further to 81.98 against the American currency. It finally ended at 81.89, down 49 paise over its previous close. In the previous session, the rupee settled at 81.40 against the greenback. On the domestic equity market front, the 30-share BSE Sensex dropped 638.11 points or 1.11 per cent to end at 56,788.81, while the broader NSE Nifty fell 207 points or 1.21 per cent to 16,887.35. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.30 per cent to 112.45. Global oil benchmark Brent crude futu
India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late on Friday, as prices corrected in the world market.
Brent crude futures for November, which expire on Friday, rose by 95 cents, or 1.07%, to $89.44 a barrel by 0948 GMT. The more active December contract was up 81 cents at $87.99
CLOSING BELL: ITC, Dr Reddy's Labs, Tata Steel, Sun Pharma, M&M, NTPC, and Nestle India were the top large-cap winners, while Asian Paints, Tech M, Wipro, TCS, Titan, Kotak Bank sank
Brent crude futures for November settlement slipped by 82 cents, or 1%, to $85.33 a barrel at 1110 GMT. The contract fell as low as $84.51, the lowest since Jan 14
The Indian rupee sliding to a historic low of 81.09 to a dollar will make import of crude oil and other commodities expensive further fueling inflation which for the past several months has remained above the Reserve Bank's upper tolerance level of 6 per cent. The pressure on the domestic currency, which is mainly due to repeated hikes in interest rate by the US Fed, is likely to continue with rise in trade deficit and gradual withdrawal of funds by institutional investors. The Reserve Bank, which is scheduled to announce its bi-monthly monetary policy later this week, is expected to increase the repo-rate or the short-term lending rates by 50 basis points in a bid to tame inflationary pressure. For a nation that is 85 per cent dependent on imports to meet its oil needs and 50 per cent for gas requirements, a weakening rupee has a bearing on domestic price of fuel. India's trade deficit more than doubled to USD 27.98 billion in August due to increased crude oil imports. Import of .
Ajay Argal of Franklin Templeton believes that any change in stance to lower the pace or the quantum of rate hikes could provide an interim positive trigger for the markets.