by admin | May 25, 2021 | Economy, Markets, News
Mumbai : A day after a major terror strike in Jammu and Kashmir and subsequent India-Pakistan diplomatic tensions soured the overall market sentiment in the Indian equity market last trading day of the week.
Investor sentiment was also hampered due to a spike in the crude oil prices, along with heavy outflows of foreign funds.
“For the days ahead, one should be cautious of government’s stance related to the CRPF attack,” said Debabrata Bhattacharjee of CapitalAim.
According to other market observers, negative global cues and a weak rupee dented investor sentiment. However, a sharp recovery in the afternoon session helped curb the losses.
“Market slid due to broad-based selling across sectors and a weak rupee cast cloud over investor’s sentiment. Volatility may continue due to lack of positive triggers in the domestic market, while rising oil prices will impact domestic macros in the near term,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Global markets turned negative due to obstacles in the US-China trade deal,” he added.
The BSE Sensex closed at 35,808.95, lower 67.27 points or 0.19 per cent than the previous close of 35,876.22 points.
It had opened at 35,985.68 points and touched an intra-day high of 36,022.57 and a low of 35,510.97 points.
The Nifty50 on the National Stock Exchange settled 21.65 points or 0.53 per cent lower at 10,724.40 points.
“Top losers were the Pharma, Metal, PSU Banks and Media indices,” Deepak Jasani of HDFC Securities said.
“…Infibeam, Adani Power, BPCL and NTPC moved higher, while Page Ind, SRE Infra, Indian Bank and Glenmark moved lower.”
—IANS
by admin | May 25, 2021 | Business, Commodities, Commodities News, Economy, Markets, Medium Enterprise, News
New Delhi : Lower global crude oil cost, along with a strengthened rupee, pulled the prices of key transportation fuel — petrol and diesel — down by around nine paise in the four metro cities.
On Saturday, Brent crude oil prices slipped to around $76 per barrel from $77 a barrel as global supply concerns eased. A decline in global crude oil prices in turn lessen the cost of refined products like gasoline or petrol.
As per the country’s pricing mechanism, the domestic petrol prices are dependent on the international fuel price on a 15-day average.
Besides, the Indian rupee has strengthened.
On a weekly basis, it appreciated by 72 paise to close at 67.06 against the US dollar from its previous week’s close of 67.78 per greenback.
Consequently, in the national capital, petrol was sold at Rs 78.20 per litre, down from Rs 78.29 on Friday, data on the Indian Oil Corp’s website showed.
In Mumbai and Chennai, petrol prices were at Rs 86.01 and Rs 81.19 a litre, respectively, down nine paise from Friday’s levels.
In Kolkata, petrol price fell by eight paise to Rs 80.84 per litre.
Prices of the key transportation fuels have been cut marginally on a daily basis, under the dynamic pricing system since May 30, as global crude oil prices began to ease.
In tandem with petrol prices, diesel prices also witnessed a decline. In Delhi, Kolkata, Mumbai and Chennai, the fuel was sold at Rs 69.11, Rs 71.66, Rs 73.58 and Rs 72.97 per litre — all prices down nine paise from Friday’s levels.
The recent surge in prices of key transportation fuel was attributed to a rise in crude oil cost, which rose till last week, and the high excise duties levied on the fuel in the country.
—IANS
by admin | May 25, 2021 | Muslim World
Lagos:(IANS) Nigerian President Muhammadu Buhari will begin a week-long visit to Saudi Arabia and Qatar on Monday to discuss crude oil prices and market stability, a top official said on Sunday.
Buhari would first fly to Riyadh for talks on Tuesday with King Salman Bin Abdulaziz Al Saud and senior officials of Saudi Arabia, Nigerian presidential spokesperson Femi Adesina said in Abuja, the country’s capital city.
The ongoing efforts by the Nigerian government and other members of the Organisation of Petroleum Exporting Countries (OPEC) to achieve greater stability in the price of crude oil exports were expected to be high on the agenda of discussions between Buhari and the Saudi monarch, he said.
The oil prices will also be on the front burner when President Buhari talks on Sunday with the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, the spokesperson said.
Buhari’s other engagements in Saudi Arabia include meetings with heads of international financial organisations and multilateral associations, Adesina said.
