The Indian basket represents the price of Oman and Dubai sour grade crude.
The Centre will soon write to the states to bring uniformity in the Value Added Tax on oil products so that benefits of price cuts filter down to the masses.
The move is expected to bolster India's energy security.
Merrill Lynch jumps to first from 7th last year in a smaller market; says its focus is larger deals and clients.
The Sensex closed down 308 points at 24,894 and the Nifty has lost 96 points at 7,559.
After last Monday's massive fall in the Indian markets, a lot of quality stocks have fallen significantly.
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd.
Keeps open the option to make payments in yen or yuan in the face of sanctions
ONGC Videsh Ltd and Oil India Ltd will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for $2.475 billion.
At present, in Myanmar, GAIL and IndianOil have a minority stake in a gas pipeline which goes to China, through South East Asia Gas Pipeline Company.
Broader markets broke the winning streak and ended lower, underperforming the benchmark indices
The Indian desire to deepen its ties with Vietnam, especially in the oil sector, besides defence and trade, was conveyed to the top leadership in Hanoi by External Affairs Minister Sushma Swaraj.
Markets ended lower amid volatile trade with Sun Pharma leading the decline.
Pharma shares extended losses after the government's ban on combination drugs.
ONGC is raising debt for a spate of acquisitions over the past year
Investors will remain cautious ahead of F&O expiry.
Metal shares were the top gainers with Hindalco up over 5%.
India's ONGC has lost the giant Kashagan oilfield to the Chinese after Kazakhstan blocked its $5 billion deal to buy US energy major ConocoPhillips' stake in the Caspian Sea oilfield.
Giving a fresh impetus to its ties with ASEAN, India today said it would soon draft a five-year action plan starting 2016 for enhancing connectivity and cooperation in diverse areas and hoped the long-delayed free trade pact on services and investment will be signed later this month.
New Delhi is quietly reclaiming its space in Asia by forging alliances with China's neighbours. In a way, India is converting its much-talked about Act East Policy to Engage East practice.
Markets end in the red, midcaps in focus
The reserves in Farzad-B are almost thrice the largest gas field in India.
India-Israel relations are at a crossroads. Simply chanting old hackneyed mantras on terrorism, secularism, democracy, et al, won't suffice. There is danger of stagnation setting in, says Ambassador M K Bhadrakumar.
The Turkmenistan event underscores the lengths to which China's oil-and-gas companies will go to curry favour in resource-rich locales.
Reason behind for the change in his stance: gas price increase.
The sharp fall in oil price is positive for oil marketers as subsidy concerns reduce further.
'Unsurprisingly, the joint statement issued after Modi's visit contains a paragraph on terrorism.' 'It is on the usual lines that India would have with, say, Croatia.' 'The surprising part is that it shies away from getting into specifics,' points out Ambassador M K Bhadrakumar.
Sensex climbs higher on favourable global cues.
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
Indian oil and gas exploration companies work in silos.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
The market breadth ended weak on the BSE with 2,086 shares declining and 893 shares advancing.
India and Vietnam on Monday inked seven pacts, including one to enhance cooperation in the strategic oil sector, as they called for "freedom" of navigation in the South China Sea, a remark which could irk China, which has been claiming territorial sovereignty over the high seas.
Trade sanctions on Russia by Europe and the US offer an opportunity for India, but the devaluation of the rouble may play spoilsport
