The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual Budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne ($40 per barrel) windfall profit tax on domestic crude production was levied.
Investors' wealth eroded by Rs 3.46 lakh crore on Wednesday as equity markets took a sharp tumble amid weak global trends and foreign fund outflows. The 30-share BSE Sensex fell by 676.53 points or 1.02 per cent to settle at 65,782.78. During the day, it plunged 1,027.63 points or 1.54 per cent to 65,431.68. In line with the weak trend in equities, the market capitalisation of BSE-listed firms eroded by Rs 3,46,947.54 crore to Rs 3,03,33,258.69 crore.
The NSE Nifty settled at 5,233, up 11 points. The market breadth is positive, out of 2,969 shares traded, 1,504 advanced and 1,318 declined on the BSE.
ONGC's January-March quarter results for the 2022-23 financial year (Q4FY23) indicated changes in the trends of the energy cycle as well as the impact of policy change in gas-pricing. The public sector oil and gas major reported standalone Ebitda (earnings before interest, tax, depreciation and amortisation) at Rs 16,340 crore, down 12 per cent year-on-year (YoY), and down 20 per cent quarter-on-quarter (QoQ). There was a net loss of Rs 250 crore due to exceptional items of Rs 9,240 crore for provisions related to the ongoing dispute regarding the applicability of service tax and goods and services tax on Royalty.
The NSE Nifty closed 78 points higher at 5,368.
The Nifty, retained the 5,000 level and ended at 5,088 -- up 71 points. Exports in January grew as services and manufacturing activity jumped.
The NSE Nifty has closed at 4,888, down 28 points.
An engineer, laid off in December 2008, remained unemployed for a year but did not lose hope. Today, he has a job with double the salary his previous employer paid him.
Corporate earnings got a big boost from the fall in commodity and energy prices in July-September 2023 (Q2FY24) despite a slowdown in revenue growth during the quarter. The combined net profits of 3,123 firms that have declared their results so far were up 38 per cent year-on-year (Y-o-Y) to Rs 3.07 trillion in Q2FY24, up from Rs 2.24 trillion a year ago. Earnings were, however, down 3.5 per cent on a sequential basis from Rs 3.18 trillion in April-June (Q1) FY24.
Overseas investors were one of the heavy buyers.
The NSE Nifty ended at 5,114, down 27 points. The market breadth was fairly negative, out of 2,844 shares traded, 1,471 declined and 1,322 advanced on the BSE.
Valdel Engineers & Constructors (formerly John Brown Technologies) has been awarded the ISO 9001:2000 certification by Lloyd's Register for design and engineering services.
Marketmen said the BSE index tumbled tailing weak Asian peers as concerns grew that a global economic recovery may be rockier than expected after data showed US consumer confidence fell to its lowest since March.
Mutual funds pared exposure to auto, cement, metal, FMCG, telecom, sugar, and power stocks in January.
The NSE Nifty ended at 4,583, down 54 points. The market breadth was extremely negative - out of 2,774 stocks traded, 2,020 declined while 706 advanced. The rest were unchanged.
The NSE Nifty ends at 4,638, down 18 points. The market breadth was negative - out of 2,793 shares traded, 967 advanced and 1,768 declined on Thursday.
Rising geopolitical uncertainty, a falling dollar and the growing speculative interest in commodities trading will keep crude prices volatile.
The Sensex finally ended 241 points lower at 14,061. The Nifty ended down 48 points at 4,270.
The NSE Nifty ended at 2,795, up 37 points. The market breadth was fairly positive - out of 2,589 stocks traded, 1,551 advanced and 930 declined on Wednesday.
Market benchmark BSE Sensex declined over 247 points on Tuesday to close at 40,239 as heavy selling emerged mainly in power, oil & gas and IT stocks amid a strengthening rupee. Yes Bank was the biggest loser in the Sensex pack with 10.05 per cent fall, followed by PowerGrid, IndusInd Bank, NTPC, ITC, TCS, Axis Bank, Hero MotoCorp, M&M and HCL Tech, which lost up to 2.66 per cent. On the other hand, Bajaj Finance, HUL, HDFC Bank, ICICI Bank, and Bajaj Auto gained up to 1.06 per cent.
Among the Sensex stocks, HDFC emerged as the top gainer, rising by 2.06 per cent, followed by Axis Bank, Maruti, Reliance, Power Grid and Tata Steel.
Nifty opened in the red at 5,468 on back of lacklustre cues from Asia and swung between 5408 and 5507.
The NSE Nifty moved up 16 points at 4,539. Consumer durables and oil & gas stocks gained 1.7% and 1.4%, respectively, while IT stocks lost 0.3%. The market breadth was marginally positive - out of 2,674 stocks traded, 1,481 advanced, 1,109 declined, and 84 were unchanged.
Rising oil prices and inflation worries pushed the index into a negative zone to touch a day's low of 14,846 - down 726 points from its previous close. Realty, IT, banking and oil & gas stocks suffered the most today. The index recovered partially and touch a day's high of 15,203. The NSE Nifty ended (provisional) with a loss of 108 points at 4,520.
The market breadth was negative - out of 2,761 stocks traded, 1,115 advanced, 1,537 declined and 109 were unchanged on Thursday. The NSE Nifty shed 83 points to end at 4,835. Unabated selling in auto, banking and oil & gas stocks forced the index touch a low of 16,196 - down 470 points from previous close.
From the Sensex pack, Tata Motors, Sun Pharma, Wipro, Tata Consultancy Services, UltraTech Cement, Tech Mahindra, Bajaj Finserv, HCL Technologies, Infosys and IndusInd Bank were the major laggards. NTPC, Power Grid, Reliance Industries, Tata Steel, HDFC and HDFC Bank were the major winners.
A fresh round of buying in FMCG scrips - Hindustan Unilever (HUL) and ITC - helped the index recover some loss and eventually end with a loss of 67 points at 18,048. The NSE Nifty slipped 26 points to close at 5,277 on Monday.
OIL announced its financical plan outlay for the next two years.
Ends the August F&O series on a high tracking gains in RIL, HDFC and ITC.
The NSE Nifty shut shop at 5,101, down 23 points.
NSE Nifty is trading at 4,462, up 106 points.
The NSE index, Nifty, hogged the limelight on Monday as the index scaled a new all-time intra-day high of 4269. The index also settled at a record level of 4,261 -- up 46 points.
The Sensex opened marginally lower at 13,949 - down 17 points
