Financials were the top losers while oil shares also declined amid weak crude oil prices.
Oil prices fell from their two-year highs on Tuesday, as pressure mounted against an immediate attack on Iraq, lessening fears of a possible disruption of oil supplies from the world's eighth-largest exporter.
One of the reasons is that the retail prices are not bench-marked to crude but their respective international benchmark prices.
US President George W Bush said that oil prices are rising as the economies of India and China are also growing.
The country's fiscal deficit, as a percentage of GDP, would be wiped out if the crude oil price, as measured with the Indian basket, touch $80 per barrel.
Amidst soaring oil prices posing a threat to the world economy, the United States has said there is "no magic wand" to solve the problem overnight.
Replying to questions on losses to Air India, civil aviation minister Praful Patel said the rally in international crude oil prices that touched $147 a barrel in July 2008, hit Indian carriers by Rs 10,000 crore (Rs 100 billion) in jet fuel bill. Air India loses are a result of high jet fuel prices and fall in air traffic following global economic slowdown, he said. "There are (also) systematic issues which need to be corrected."
'The primary market's rhythm mirrors investor confidence. While sentiment may appear cautious, it reflects maturity, not weakness.'
Arab Gulf economies are set to benefit from large government spending programmes and high oil prices in the second half of the year, despite concerns over political turmoil in the Middle East and Europe's sovereign debt crisis, a senior bank official has said.
Fast-moving consumer goods (FMCG) companies are expected to report mid-single-digit revenue growth in the July-September 2025-26 quarter, according to their quarterly updates. Most companies also noted that supply chains were focused on liquidating existing stock ahead of the implementation of new goods and services tax (GST) rates in categories where the tax was lowered.
From the 30-share blue-chip pack, IndusInd Bank, NTPC, UltraTech Cement, Sun Pharma, Axis Bank, State Bank of India, Tata Steel, Power Grid, Adani Ports and Kotak Mahindra Bank were among the major laggards. Tata Consultancy Services jumped nearly 6 per cent after the IT services company reported an 11.95 per cent jump in the December quarter net profit to Rs 12,380 crore. Tech Mahindra, HCL Tech, Infosys and Bajaj Finserv were the other big gainers.
When oil prices collapse from $110 to $45, economic agents in India experience a large income windfall.
The inflation was 11.80 per cent a week ago. The index for fuel prices declined by 1.1 per cent on account of lower prices of naphtha, aviation turbine fuel and furnace oil.
Among the Sensex firms, Bharat Electronics Ltd, Mahindra & Mahindra, Adani Ports, HCL Technologies, Eternal, Infosys, Bharti Airtel, Sun Pharmaceuticals, Larsen & Toubro, Hindustan Unilever and UltraTech Cement were the gainers. Bajaj Finance, Tata Motors Passenger Vehicles, Kotak Mahindra Bank, PowerGrid and Tata Steel were among the laggards.
Wholesale price inflation (WPI) declined to (-) 0.13 per cent in June as prices of food articles and fuel saw deflation, along with easing in manufactured product costs, government data showed on Monday. WPI-based inflation was 0.39 per cent in May. It was 3.43 per cent in June last year.
International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below $70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at $74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at $71.71.
United States President Donald Trump on Wednesday said that the US is 'doing a trade deal with India' as the two sides continue to hold talks on the proposed trade pact.
Among 30 Sensex firms, UltraTech Cement, Tech Mahindra, HCL Tech, Tata Consultancy Services, Eternal, Asian Paints, Tata Steel and Kotak Mahindra Bank were among the biggest gainers. Tata Motors, Adani Ports and Sun Pharma were the laggards.
The country's GDP grew at the fastest pace in seven quarters at 7.7 per cent in the January-March period, retaining the fastest growing major economy tag on robust performance by manufacturing and service sectors as well as good farm output.
It is a testament to some of the policies that were put in place to raise fuel-efficiency standards
Trading activity of foreign investors and crude oil prices would also remain in the limelight during the week, experts noted. "This week brings a series of important economic data releases from India and the United States, which are likely to influence market sentiment and central bank outlooks.
Retail inflation softened to 6.71 per cent in July due to moderation in food prices but remained above the Reserve Bank's comfort level of 6 per cent for the seventh consecutive month. With retail inflation continuing to remain high despite a fall in prices of vegetables and edible oils, among other commodities in July, the Reserve Bank of India (RBI) might go for another rate hike in September. The Consumer Price Index (CPI) based retail inflation was at 7.01 per cent in June and 5.59 per cent in July 2021. It was above 7 per cent from April to June this fiscal.
India should simultaneously prioritise domestic exploration and production of more oil and gas in the country, and ensure we retain diversified suppliers for imports, points out former foreign secretary Ranjan Mathai.
Oil prices dipped on Wednesday as the market prepared for a gradual increase of Iranian exports into an already oversupplied market from 2016.
The government has to take a call on reducing or retaining the excise rate.
Corporate margins and profits in India remain vulnerable to changes in crude oil prices in the international market. Historical quarterly data from listed companies (excluding banks, finance and insurance, oil and gas, and power sectors) indicate an adverse correlation between corporate margins and crude oil prices.
Crude oil prices could dip to the low $60s by the end of 2025 after rising to $80 a barrel in the last quarter (October-December) of 2024 - up nearly 10 per cent from current levels, suggest analysts at JP Morgan. The main players in West Asia, including Saudi Arabia and the UAE, have a strong incentive to keep the conflict contained, according to the JP Morgan report.
Cooking gas or Liquified Petroleum Gas (LPG) price has been raised by Rs 50 per cylinder by distribution companies, Union Oil Minister Hardeep Singh Puri said on Monday.
The Andhra Pradesh government has prepared an action plan for relief and essential supplies in pre-cyclone preparedness for Cyclone Montha, expected to cross the coast on October 28.
'Trade deal will act as a strong trigger for market sentiment, not just for domestic investors but also for FIIs.'
India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022.
'Nutrition is always higher when you consume fresh food. Whether it's heated, boiled, frozen or microwaved, some nutrient depletion always happens' says Dr Rajeshwari Panda.
Retail inflation slipped to 1.54 per cent in September from 2.07 per cent in the preceding month mainly due to subdued prices of food items, including vegetables and pulses, according to government data released on Monday. The consumer price index (CPI) based inflation was 5.49 per cent in September 2024.
Sri Lanka stays with you not just in memory, but gently reminds you what a society can achieve when heart and heritage guide the way.
Among Sensex firms, Mahindra & Mahindra, Tech Mahindra, State Bank of India, Infosys, Adani Ports and ITC were the major gainers. However, Eternal, Sun Pharma, Tata Steel, Tata Motors, Bajaj Finance and Bharat Electronics were among the major laggards.
Oil firms' borrowings could fall by up to Rs 15,000 cr, govt's subsidy bill by 12% .
If India caves in to US pressure as Trump hopes it will, he will further try to blackmail it into submission, points out Ramesh Menon.
Indian refiners are likely to import 2-2.2 million barrels per day of Russian crude oil in June - the highest in the last two years and more than the total volumes bought from Iraq, Saudi Arabia, the UAE and Kuwait, preliminary data by global trade analytics firm Kpler showed.
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