The key Indian equity indices traded on a positive note on Tuesday morning with the BSE Sensex rising over 200 points as healthy buying was witnessed in banking and finance stocks. Other indices such as oil prices remained stable for the consecutive 24th day.
The BSE Sensex has touched its record intra-day high of 54,772.07 points, while the Nifty50 on the National Stock Exchange has hit its all-time high of 16,359.25 points. Around 11.45 a.m., Sensex was trading at 54,746.06, higher by 343.21 points or 0.63 per cent from its previous close of 54,402.85.
It touched an intra-day low of 54,450.34 points. The Nifty50 was trading at 16,348.40, higher by 90.15 points or 0.55 per cent from its previous close. The top gainers on the Sensex were Bharti Airtel, Tech Mahindra and Kotak Mahindra Bank while the major losers were Power Grid, State Bank of India and ITC.
Oil prices remain paused for 24 days
Oil marketing companies (OMC) continued to pause fuel price revision for the 24th consecutive day on Tuesday as wait and watch continue amid the fluctuating global crude prices.
Global crude prices have 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 oil prices have softened again to under $70 a barrel on the concerns of growing Covid cases, lockdowns in China, slowing industrial recovery globally and rising US oil inventory.
With no price increase by OMCs, 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 Tuesday. The pump price of fuel has been static since July 18.
Above Rs.100 in all metros
Petrol prices in all the metros have now crossed the Rs 100 per litre-mark. In Chennai, petrol is priced at Rs 102.49 a litre and in Kolkata Rs 101.08 a litre. Diesel is also priced at Rs 94.39 and Rs 93.02 per litre in both the cities respectively.
The long price pause has come after fuel prices increased for 41 days in the current financial year. The 41 increases have taken up the petrol prices by Rs 11.44 per litre in Delhi. Similarly, diesel rates have increased by Rs 9.14 per litre in the national capital.
Prices of both auto fuels reduced only once in April by 16 and 14 paise per litre respectively. Diesel prices were also reduced by 16 paise per litre in Delhi on July 12.
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 27.58 per litre from Rs 62.29 to Rs 89.87 a litre in the national capital.
(With inputs from IANS)
