The BSE Sensex crossed the landmark 56,000 level, within a week after reaching the landmark 55,000 level.
The Sensex on Wednesday touched a new high of 56,086.50 points in the opening hours and the Nifty50 on the National Stock Exchange has recorded an all-time high of 16,693 points.
Around 10.05 a.m., Sensex was trading at 56,036.78, higher by 244.51 points or 0.44 per cent from its previous close of 55,792.27. It opened at 56,073.31 and has so far touched an intraday low of 55,961.73 points.
The Nifty50 on the National Stock Exchange was at 16,687.45, higher by 72.85 points or 0.44 per cent from its previous close.
The top gainers on the Sensex were UltraTech Cement, HDFC Bank and Bajaj Finance, while the only losers were ICICI Bank, Titan Company, Kotak Mahindra Bank and ITC.
Oil firms pass on benefit
On Wednesday, oil marketing companies finally passed on the benefit of softening global oil and product prices to consumers reducing the retail price of diesel by 20 paise per litre.
The petrol prices have remained unchanged for the 32nd consecutive day. Now in Delhi, diesel is priced at Rs 89.67 after cut, with no change in petrol prices at Rs 101.84 per litre.
Across the country as well, diesel prices fell between 20-25 paise per litre while petrol remained at the same level prevailing for the last one month.
Global crude price soften
Global crude prices have now softened to below $ 70 a barrel after it swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $ 77 a barrel, only to fall soon below $ 70 a barrel and crossing $ 75 a barrel later in the month.
The fall in global oil should have resulted in almost Rs 2 per litre reduction on retail price of fuel. However, OMCs still want to see market movements before making further cuts.
Petrol prices in all metros have already crossed the Rs 100 per litre-mark. In Chennai, petrol is priced at Rs 99.47 a litre and in Kolkata Rs 102.08 a litre. Diesel is also priced at Rs 94.20 and Rs 92.82 per litre in both cities respectively. In Chennai, petrol prices fell by almost Rs 3 per litre on August 14 after the state government cut VAT on the fuel.
Prices of both auto fuels reduced only once in April by 16 and 14 paise per litre respectively. Diesel price was also reduced by 16 paise per litre in Delhi on July 12 and again now on August 18.
Since April 2020, petrol prices have increased by Rs 32.25 per litre from Rs 69.59 a litre to Rs 101.84 a litre now in Delhi. Similarly, diesel prices during the period have increased by Rs 27.38 per litre from Rs 62.29 to Rs 89.87 a litre in the national capital.
India's 'value e-commerce' market can touch $40 bn by 2030: Report
As the e-commerce sector grows in India, the value e-commerce market in the country has the potential to reach $40 billion by 2030, according to a report by global consulting firm Kearney.
The report noted that Indian consumers have always been value conscious, and much of the overall demand is for affordable, smaller-ticket items. From a consumer's perspective, "value" means finding affordable products while also getting acceptable quality, durability and trendiness, it said.
As retail in India bounces back after the Covid onslaught, the report observed that the growing number of value-conscious online shoppers is reshaping India's e-commerce landscape.
Noting that the value segment is pegged to grow rapidly, Siddharth Jain, Partner, Kearney, said: "While only 4 per cent of this demand is today served by online channels, this will rise to 19 per cent by 2030, creating a $40 billion market for value e-commerce in India."
As more Indian buyers embrace online shopping, the contours of India's e-commerce are also changing to reflect the needs and aspirations of the newer cohorts of Indian online buyers.
Currently valued at $4 billion, value e-commerce is expected to grow rapidly to reach $20 billion by 2026 and to $40 billion by 2030, a 10x growth in 10 years, the report said.
"Value-conscious consumers are shifting to online buying, driven by huge adoption in mobile internet. We estimate 350 million active internet users by 2026, of which nearly 90 million will be from rural India," said Manoj Muthu Kumar, Principal, Kearney.
"These value conscious consumers from tier 2+ and rural areas will contribute to 38 per cent of India's value e-commerce market demand by 2026," he added.