Yes Bank, Wipro, Kotak Bank, M&M, Sun Pharma, Maruti, HDFC, Hero MotoCorp, Infosys, TCS, L&T, Bajaj Auto and HUL were among the top gainers, rising up to 6 per cent.
Softening inflation, Das said would make available more policy space to the central bank to address risks to the growth going forward.
Petrol costs less than a dollar in the OPEC region.
A massive drone strike on the world's largest crude-processing facility operated by Saudi Arabia's Aramco has driven oil prices to their highest level in nearly four months. The attack has knocked out over half of Saudi Arabia's production as it cut 5.7 million barrels per day or over 5 per cent of the world's supply.
The consumption of petroleum products in India is growing at a rate much lower than the conservative projection of 4.58 per cent made for this year by the Petroleum Products Planning and Analysis Cell (PPAC), a wing of the petroleum ministry.
OPEC was in continuous talks with the World Energy Forum and the International Energy Agency to ensure market stability.
It noted that the economy underwent a transition -- possibly, structural and permanent -- from high to low inflation in the last three years.
Oil prices hit two-and-a-half-year highs in Asian trade on Friday as violence continued to wrack the Middle East and threatened to spread to other bigger oil producers in the region, analysts said.
The rupee hovered in a range of 63.75 and 63.84.
The world would face a looming oil supply crisis because of drop in the production, Iran's OPEC governor has warned, adding that crude is still undervalued and set to hit $100 in the short term.
The Opec output has fallen slightly in November at around 29 million barrels a day since last August.
HSBC maintained "overweight" rating on Indian equities, saying "fundamentals are strong".
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
Top companies across sectors -- automobile maker Maruti Suzuki, consumer electronics giant Samsung to IT giant Infosys -- have reopened factories and offices as India took its first steps towards resuming economic activity after weeks under a near-total coronavirus lockdown.
Risk sentiment is likely to be favourable if oil prices stay benign, global growth sentiment remains robust and the dollar index does not break out, says B Prasanna.
The kingdom, the world's leading oil producer, also offered to coordinate with the Organisation of Petroleum Exporting Countries and other major producers to ensure adequate fuel supply in order to curb prices. Pressure is being mounted on OPEC, the supplier of more than a third of the world's oil, to boost output in order to ease the effect of high prices on economies across the world.
Estimated to cost $44 billion, the project was expected to be commissioned by 2025.
"Oil prices are rising too fast too high. We do not have a good explanation or justification why we see this level of prices," said UAE Opec governor Ali Obaid Al Yabhouni. The UAE is prepared to produce more oil to meet its "commitment and responsibilities" as a producer, but it does not see customers for increasing the output.
Global crude oil prices slipped below $45 a barrel in early Asian trade on Monday after the Organization of Petroleum Exporting Countries cartel decided not to cut production.
Price of non-subsidised cooking gas (LPG) was today cut by Rs 43.50 per cylinder as international oil rates slumped to their lowest since May 2009.
Venezuelan Prez Hugo Chavez promised to give India more oilfields in its heavy-oil belt, as he seeks to tap the world's second fastest growing economy to diversify energy trade beyond US. He intends to supply 1 mn barrels per day of oil to India in the near future. The Junin area is believed to hold some 500 bn barrels of in place oil reserves, of which Junin Norte may have about 7-8 bn barrels. OVL is expected to be given preference in the development and production phase.
International crude prices, which rose to a historic high of over $147 a barrel in July last year, have slumped to four-year low of around $37 per barrel, prompting fears that companies may not invest in new fields. Several oil companies have put on hold investments in small and marginal fields and in difficult and frontier areas following the sharp dip in prices as current rates give a negative rate of return on the huge investments required.
Adani is the fastest growing energy company in Asia-Pacific and the second fastest in the world
Oil consumers and producers united yesterday to warn that extreme price volatility was dangerous for the world economy, but disagreed on what an appropriate price should be.
Oil prices fell after the US Senate rejected a $14bn bail-out plan for the carmakers' sector, a move that weighed heavily on sentiment towards commodities.
Top gainers among the S&P BSE Sensex include GAIL, Dr Reddy's Laboratories and Bharti Airtel, all edging up by 1% in late morning deals
The total investment at risk is $930 billion and oil companies will need to cut their expenses by 30 per cent to make their projects viable provided oil remains around $70 a barrel.
What was in the world of reasonable oil prices a sunny economy slips into gloom and doom.
The price of crude oil has surged past $120 a barrel. Supply concerns from Opec members Nigeria and Iran as well as a weaker dollar pushed US crude prices up by $4 to $120.36 before closing at $119.97 on Monday.
We know that the boom years are over; do we know what is coming next?
Oil tanked to a 7-year low as OPEC decided to maintain production.
'Equities are likely to be range-bound with a downward bias for the remaining part of the year.'
In the next quarter, the country will also start gearing up for various Assembly elections could put the government as well as the OMCs under pressure
The Financial Times, London, reports that Nobuo Tanaka, the first Asian head of the International Energy Agency, has stated that the organisation must work more closely with the two Asian giants.
Pricey crude hurts in all sorts of fiscal ways -- but it could also spur crucial investment in alternative fuels.
The ongoing oil price decline is mainly a result of oversupply in the global market
The policy review observed that the moderation in inflation, excluding food and fuel, that was witnessed in the first quarter of 2017-18 has "by and large, reversed".
The Indian benchmark remained static in its last closing on May 28, while Brent prices dropped further to $75.71 a barrel. Less Brent crude in Indian basket makes prices sticky.
Subir Raha, the former chairman and managing director of Oil and Natural Gas Corp, has been awarded the prestigious 'Energy Executive of the Year' award instituted by London-based renowned energy journal Petroleum Economist.\n\n
'The impact of COVID-19 on the economy has been so overwhelming that even a significant drop in global oil prices, which in normal times would have brought cheer, has posed new challenges for the government,' observes A K Bhattacharya.
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