Positive global cues from Asian indices along with domestic hopes of more healthy quarterly results lifted India's equity markets during the morning trade session on Monday. Initially, the equity markets had a gap up opening due to positive global cues.
Consequently, the BSE Sensex traded at 52,868.36 points, at 10.15 a.m., higher by 281.52 points or 0.54 per cent from its previous close.
The Nifty50 on the National Stock Exchange traded at 15,851.55, higher by 88.50 points or 0.56 per cent from its previous close.
No change in petrol, diesel prices for 16 straight days
The oil marketing companies (OMCs) continued to pause fuel price revision for the sixteenth consecutive day on Monday, the longest period in weeks, as wait and watch continues amidst rising global crude prices.
Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Monday. The pump price of fuel has been static since July 18.
One of the main reasons for pause in fuel price rise is an over 10 per cent fall seen in global oil prices with benchmark crude sliding to $69 a barrel earlier last month. It had again risen close to around $75 a barrel on strong demand projections.
Reach pact to increase crude production
With OPEC reaching an agreement to raise crude production, oil prices are expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval.
In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time on May 29, the fuel price is at Rs 107.83 per litre. Diesel price in the city is also at Rs 97.45, the highest among metros. Petrol prices in all metros have now crossed Rs 100 per litre mark.
The fortnight long price pause comes after fuel prices increased on 41 days and remained unchanged on 50 days since May 1. The 41 increases have taken the petrol prices up by Rs 11.44 per litre in Delhi. Similarly, diesel has increased by Rs 9.14 per litre in the national capital.
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 price during the period has increased by Rs 27.58 per litre from Rs 62.29 to Rs 89.87 a litre in the national capital.