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Fuel Prices Surge: India Hikes Petrol, Diesel by Rs 3
16 May
Summary
- India raised petrol and diesel prices by Rs 3 in four metro cities.
- This marks the first fuel price increase in four years.
- Stock market shows cautious optimism despite mixed global cues.
The Indian stock market is set for a muted opening, with GIFT Nifty indicating a slight gain amid varied global signals. In a significant development, the Indian government has increased petrol and diesel prices by Rs 3 across four major metropolitan areas, marking the first such adjustment in four years. This move follows a surge in global crude oil prices attributed to the ongoing conflict in Iran.
The Nifty index saw a recovery yesterday, closing up 277 points, though profit-booking was observed near the 23,777 mark. US stock markets, however, reached new record highs, buoyed by strong performances from companies like Cisco and Nvidia. Asian markets are currently trading lower. The broader market sentiment remains cautiously optimistic, with key resistance levels identified for the Nifty.
Commodity prices are also a factor, with gold at $4,650 and Brent crude oil trading above $105 per barrel, continuing to present a headwind. The total market capitalization for BSE Sensex companies stood at Rs 4,62,82,108 at the close of trading on Thursday.
