The US has granted India permission to buy Russian oil already in transit to ease global supply pressures amidst the West Asia conflict. This decision comes after India agreed to halt sanctioned Russian oil purchases and substitute them with US oil.
'Oil is still well below its all-time highs, and the world is gradually running out of known reserves.'
Maruti Suzuki Chairman R C Bhargava is pushing for increased government incentives for biogas-powered vehicles over hybrids, emphasising their net-zero carbon emissions and the valuable organic manure they produce, while also advocating for continued GST benefits for electric vehicles.
'PM Modi is trying to reduce the volume of fuel consumed instead of raising prices sharply.'
The Indian government has refuted reports suggesting a deal with Iran involving the release of seized oil tankers in exchange for safe passage of Indian vessels through the Strait of Hormuz.
Gold prices in the national capital fell by Rs 600 to Rs 1.64 lakh per 10 grams, influenced by tentative progress in US-Iran negotiations, which reduced demand for precious metals. However, unresolved tensions surrounding the Strait of Hormuz continue to keep traders cautious.
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'The MPC is likely to prioritise the key mandate, which is inflation, while relying on other instruments to stabilise the currency and bond markets.'
Markets face risk of a prolonged bear phase as oil shocks and geopolitical tensions test inflation, growth and investor confidence globally, points out Debashis Basu.
Indian benchmark indices Sensex and Nifty closed marginally lower due to profit-taking, following the Reserve Bank of India's decision to keep the repo rate unchanged while lowering its growth expectations for the current fiscal year and forecasting higher inflation.
Companies are already diversifying sourcing, raising prices, and reworking operating models as the disruption drags on.
India's eight core infrastructure sectors recorded a two-month high growth of 1.7 per cent in April, primarily boosted by strong performances in steel, cement, and electricity production, according to government data.
The Ministry of External Affairs (MEA) has refuted reports suggesting a deal with Iran involving the release of seized vessels in exchange for safe passage of Indian ships through the Strait of Hormuz.
An Indian crew member was killed after a US-owned oil tanker was attacked near Basra, Iraq. Fifteen other Indian crew members were evacuated.
The Indian government has imposed a new windfall gains tax of Rs 3 per litre on petrol exports, while simultaneously reducing the levy on diesel to Rs 16.5 per litre and aviation turbine fuel (ATF) to Rs 16 per litre, effective May 16.
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The Reserve Bank of India (RBI) has announced a record surplus transfer of Rs 2.87 trillion to the central government for FY26, driven by increased income and an expanded balance sheet, despite a reduction in the contingent risk buffer (CRB) to 6.5 per cent.
Indian benchmark equity indices, Sensex and Nifty, closed marginally higher, breaking a four-day losing streak, despite elevated crude oil prices and ongoing geopolitical uncertainties. The market saw a temporary pause in panic selling, though cautious sentiment persists.
Iranian Foreign Ministry spokesperson Esmail Baghaei stated that Iran is instead working with Oman to establish a mechanism for the safe passage of ships through the Strait.
An Indian worker from Odisha was killed and two others were injured in a drone attack by Ukraine in the Moscow region. The deceased, A Rameya, was working at an oil refinery. Efforts are underway to repatriate his body.
An Indian national was killed in an attack on an oil tanker off the coast of Oman. The tanker was struck by an explosive-laden unmanned boat, resulting in a fire and explosion.
Indian benchmark indices, Sensex and Nifty, closed marginally higher after a volatile trading session, driven by value buying in IT and select blue-chip counters, despite global crude price hikes and a weak rupee.
Prime Minister Narendra Modi has offered India's support to bring peace to West Asia during talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan. Both countries signed agreements to strengthen strategic collaborations in energy and defence.
Indian benchmark equity indices, Sensex and Nifty, rebounded on Wednesday, recovering intraday losses, primarily driven by strong fag-end buying and a significant rally in blue-chip Reliance Industries.
The United States and Iran could be set to announce an agreement soon to achieve a complete solution to the hostilities in West Asia, as reported by Saudi state media Al Arabiya on Wednesday, citing sources familiar with the ongoing negotiations.
Odisha Police formed a Special Investigation Team (SIT) to investigate an illegal hashish oil trade operating from an island in Koraput district, following a major drug seizure and multiple arrests.
Major paint companies in India, including Asian Paints, Berger Paints, Akzo Paints, and Kansai Nerolac, have announced price hikes ranging from 1% to 8% across various product lines, effective from mid-March to late April, in response to persistently high crude oil and gas prices.
The Americans can occupy Bab el Mandeb, claim to have 'solved' the Strait of Hormuz crisis, declare victory that President Trump so desperately needs, points out Colonel Anil A Athale, former head of the history division, ministry of defence.
Srivastava warned that continued bombing of Iran by the US and Israel could severely undermine any prospects of reopening critical maritime routes through negotiation with Tehran.
Foreign Portfolio Investors (FPIs) have withdrawn Rs 27,048 crore from Indian equities so far in May, bringing the total outflows for 2026 to Rs 2.2 lakh crore, driven by global macroeconomic and geopolitical uncertainties.
Indian investors have seen their wealth erode by a staggering Rs 16.77 lakh crore over four trading sessions, as the markets faced deep losses driven by elevated crude oil prices, geopolitical tensions, persistent foreign fund outflows, and a record-low rupee.
Analysts predict India will face oil price volatility and macroeconomic effects due to the escalating Iran crisis, though the country's oil supply chain is not yet structurally insecure.
Indian equity benchmark indices experienced a significant drop in early trade, with the BSE Sensex falling over 525 points and the NSE Nifty down more than 164 points, primarily due to rising crude oil prices and ongoing uncertainty surrounding the US-Iran conflict.
External Affairs Minister S Jaishankar discussed the West Asia conflict and its impact on energy supplies with his Russian counterpart Sergey Lavrov and EU's Foreign Policy chief Kaja Kallas.
Indian stock markets experienced a significant sell-off, with the Sensex tumbling over 1,300 points, driven by escalating crude oil prices due to US-Iran tensions and Prime Minister Narendra Modi's call for austerity measures, which amplified investor concerns about India's economic outlook.
Airlines are cutting not only international services but also domestic flights, especially on routes projected to remain unprofitable in the coming weeks due to weak demand and high fares.
The Indian rupee plummeted to an all-time low of 95.80 against the US dollar, settling at 95.66, driven by elevated crude oil prices and escalating geopolitical tensions in West Asia, despite potential RBI intervention and import curbs on gold.
Of the 1.32 trillion capex target for FY26, State-run oil firms have already spent 1.07 trillion in the first 10 months.
The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
Despite reporting a weaker-than-expected net loss of Rs 2,536 crore for Q4FY26, largely due to a significant non-cash forex loss, analysts remain optimistic about IndiGo's long-term prospects, citing strong demand trends, a favourable pricing outlook, and strategic cost-control measures.
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