Petrol price on Wednesday touched a new high of Rs 84.45 per litre in the national capital after state-owned fuel retailers hiked prices after a five-day hiatus. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. In Delhi, petrol now costs Rs 84.45 per litre and diesel is priced at Rs 74.63. In Mumbai, petrol comes for Rs 91.07 a litre and diesel for Rs 81.34. This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.
Even if the central bank doesn't pull the trigger later, it is still expected to by the end of the year.
Keep exit plans handy, D-day could be the second week of August, writes Sonali Ranade in Market Notes.
Oil prices have already fallen over 70 per cent since the downturn began in mid-2014.
Time to take profits and move to the sidelines in an euphoria, says Sonali Ranade
The rupee on Friday closed 10 paise higher at 65 against the US dollar on fresh selling of greenback by banks.
The rupee on Friday snapped its two-day gaining streak against the US dollar.
Oil prices continued their rout on Tuesday with Brent crude and U.S. WTI both falling to their lowest in almost six years as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.
US crude was down 25 cents at $52.08.
Traders have all but given up attempting to predict where the new-year rout will end
The rupee had lost 27 paise to close at more than 5-week low.
'China's economy continues to slow and the US Fed may still hike rates before the end of the year.'
The rupee had jumped by 164 paise or 2.39 per cent in previous six trading days.
Increased demand for the American unit from importers weighed on the rupee
The Indian rupee resumed sharply lower at 66.65 per dollar against last Friday's level of 66.48.
The rupee had last ended at 67.22 per dollar on March 16, 2016.
Don't catch falling knives or chase bear rallies no matter how enticing those eight pc green blips look. They may be mouse traps, warns Sonali Ranade
Waiting for capitulation in commodity markets is the better route to profits, says Sonali Ranade.
The BSE gauge Sensex fell 73.88 points to 35,548.26 and the NSE Nifty slid 17.85 points to 10,799.85, taking cues from tumbling global shares.
Oil and select auto heavyweights bore the brunt of selling pressure; ONGC, RIL, Tata Motors, M&M key losers.
The rupee had dropped by 18 paise to end at 66.40
Among the gainers, Sun Pharma topped by rising 3.03 per cent as the weak rupee tempted buyers to accumulate shares of pharma exporters.
The BSE Sensex moved up 103 points to 35,319.35, while the wider NSE Nifty finished at 10,741.70, up 23.90 points.
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
The 30-share Sensex ended down 159 points at 27,425 and the 50-share Nifty closed down 24 points at 8,299.
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
From February to mid-March, oil prices receded rapidly.
Bank shares were the top losers after sharp gains last week.
Hoard cash. There will be plenty of time and opportunity at far lower levels, warns Sonali Ranade in her weekly Market Notes
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
BSE Realty index zoomed by almost 7% followed by counters like Metal, Oil & Gas, Auto, Banks, Auto, Healthcare and Power, all surging between 1-5%.
'A positive oil shock has a detrimental effect on growth and activity.'
The positive bias was aided by metal, realty and auto indices
'Temperature and wind can be predicted more easily than rainfall.' 'Rainfall, as common experience suggests, is very spotty.' 'The last bit of physics required that tells us whether it is going to rain or not is very hard.' Professor Roddam Narasimha, the eminent scientist, explains the monsoon, climate change and global warming, in a fascinating conversation with Shivanand Kanavi.
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