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Fuel prices hit fresh record high, increase for 6th straight day

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Petrol and diesel prices rose again on Sunday for the sixth consecutive day, hitting a fresh record high.

In the national capital, petrol price rose by 30 paise per litre and diesel was hiked by 35 paise per litre. The prices of petrol and diesel have crossed the Rs 100 per litre mark in many states, pinching the common man’s pocket.

In Delhi, petrol is retailing at Rs 104.14 per litre and diesel is available at Rs 92.82 per litre after the latest price revision. On the other hand, in India’s financial capital, Mumbai, petrol became costlier by 29 paise per litre and its rate stands at Rs 110.12 per litre, the highest across all four metro cities. Diesel costs Rs 100.66 for one litre in Mumbai, a hike of 37 paise.

There has been a constant rise in the prices of petrol and diesel for the past six days and the rates are soaring all-time high. The prices of petrol and diesel remained steady on October 4, 2021 but saw a daily hike after that.

Diesel prices have now increased on 14 out of the last 17 days taking up its retail price by Rs 4.20 per litre in Delhi. The price of diesel earlier increased by 20-30 paise per litre but since Wednesday it has been increasing by 35 paise per litre.

With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier with petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices since last week given a spurt in the crude prices lately. Petrol prices have also risen on 11 of the previous 13 days taking up its pump price by Rs 2.95 per litre.

OMCs had preferred to maintain their watch on prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Across the country as well petrol and diesel prices increased by 30-40 paise per litre but their retail rates varied depending on the level of local taxes in the state.

Fuel prices in the country have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on few occasions but largely remained stable.

Crude price has been on a surge, rising over three year high level of over $82 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices becomes effective from morning at 6 a.m.

The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

Business

Indian stock market ends holiday-shortened week on positive note

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Mumbai, Oct 4: The Indian equities closed the holiday-shortened week with a positive bias after recent corrections as investors’ confidence was reinforced with the RBI’s growth stance, analysts said on Saturday.

On Friday, Sensex ended the session at 81,207.17, up 223.86 points or 0.28 per cent. Nifty closed at 24,894.25, up 57.95 points or 0.23 per cent. The Nifty extended its pullback for the second straight session, crossing above its key 50-DMA at 24,830 and forming a bullish candle on the daily chart. After last week’s steep decline, the index displayed signs of recovery by closing above the 24,800 mark.

According to market watchers, upgrading the FY26 GDP growth forecast by the RBI to 6.8 per cent and announcing landmark reforms led to outperformance in the banking sector.

“Metals continued their upward momentum, supported by optimism over an anticipated Fed rate cut in October, a softer dollar index, and steady base metal prices,” said Vinod Nair, Head of Research, Geojit Investments Ltd.

Meanwhile, gold extended its safe-haven appeal, while silver rose on the back of strong industrial demand and supply-side constraints.

Consumer-facing sectors gained momentum on expectations of festive demand, whereas IT and pharma lagged amid the lack of progress on the US-India trade pact, said analysts.

According to a note by Bajaj Broking Research, benchmark indices ended the truncated week on a positive note, posting gains of nearly 1 per cent.

PSU bank stocks were another major contributor, with the Nifty PSU Bank index climbing over 4 per cent for the week. In Friday’s session, metals, PSU banks, and consumer durables led the gains, each rising between 1 per cent and 2 per cent.

Bank Nifty continue to demonstrate notable strength over the past 3-4 sessions. The formation of a bullish candle with a higher high and higher low in the daily chart signals continuation of the positive momentum underpinned by strength in large cap banking stocks.

Looking ahead, market momentum is expected to be supported by strong H2 FY26 earnings and seasonal demand tailwinds, though global trade developments and US policy actions could inject short-term volatility, said analysts.

The Fed’s recent 25-bps rate cut, coupled with prospects of further easing, is likely to bolster FII inflows into emerging markets, they added.

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India’s growth firmly anchored in domestic factors amid global volatility: FM Sitharaman

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New Delhi, Oct 3: We are in an era of an unprecedented global volatility where rules of international engagement are being rewritten, but India’s growth is firmly rooted in domestic factors and the country’s capacity to absorb global shocks is strong, Finance Minister Nirmala Sitharaman said here on Friday.

She highlighted that India’s robust domestic factors minimise impact of global uncertainties.

“We are in a shifting global landscape which resembles a zero-sum approach. Indian economy is resilient and continues to grow sustainably,” FM Sitharaman said while delivering an inaugural address at the ‘Kautilya Economic Conclave 2025’ in the national capital.

“By 2047, becoming Viksit Bharat by self reliance does not mean we wish to be a closed economy. We have to reach 8 per cent GDP growth to get to the goal for a developed nation,” she told the gathering.

According to the Finance Minister, we cannot afford to be passive spectators in today’s era.

“We must be active participants. Nations need to make choices between new monetary architecture. No nation can insulate itself from systemic changes, we must prepare to engage with them. Tariffs, sanctions and decoupling strategies are reshaping supply chains. International institutions need to reflect today’s realities,” she stressed.

Finance Minister further stated that what we face is not a temporary disruption but a structural transformation.

“The scale of challenge is too big. We will be understating the challenge at hand; it is structural transformation,” she said.

“The world as a whole is looking to come out of uncertainty, the global order is shifting. The world that emerged out of cold war and pushed for globalisation seems to be a thing of the past. Rules of international engagement are being rewritten,” she mentioned.

FM Sitharaman pointed out that the global order is shifting, with multilateral institutions currently undermining confidence in the international community. She cited the recent G20 discussions, where experts deliberated on the need for reforms in multilateral institutions to restore stability.

Highlighting India’s twin-track approach, the finance minister said the nation aims to simultaneously attain developed economy status by 2047 and strengthen self-reliance, clarifying that self-reliance does not imply pursuing a closed economy.

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Sensex, Nifty open lower over sustained FII selling

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Mumbai, Oct 3: The Indian benchmark indices opened with mild losses on Friday due to sustained FII selling, despite positive global cues and market optimism driven by the Reserve Bank of India’s dovish pause.

As of 9.20 am, the Sensex was down 191 points, or 0.24 per cent at 80,792 and the Nifty declined 56 points, or 0.23 per cent at 24,780.

The broad cap indices, Nifty Midcap 100 and Nifty Smallcap 100, inched up 0.22 and 0.14 per cent respectively. Tata Steel, Axis Bank, Kotak Mahindra Bank, Tata Motors and Asian Paints were among major gainers on the Nifty pack, while losers included Max Healthcare, Bajaj Finance, Shriram Finance and ICICI Bank, among others.

Among sectoral indices, Nifty Metal, the top gainer, advanced 0.89 per cent. Nifty PSU Bank (up 0.59 per cent) and Nifty Pharma (up 0.30 per cent) were other major gainers. Nifty Media and Nifty FMCG were the top losers down 0.65 per cent and 0.45 per cent respectively.

Analysts said that from a technical perspective, a sustained move above 24,900 could pave the way for a rally toward 25,000 and 25,150. The immediate support is placed at 24,750 and 24,600, which may act as potential entry points for long trades.

The US markets ended in the green zone overnight, as Nasdaq edged up 0.39 per cent, the S&P 500 added 0.06 per cent, and the Dow moved up 0.17 per cent in the last trading session.

Asia-Pacific markets mostly rose Friday, tracking Wall Street gains as investors shrugged off the US government shutdown. Investors are waiting to see how long the shutdown will last to assess the gravity of its economic repercussions.

While China’s Shanghai index added 0.52 per cent, and Shenzhen advanced 0.35 per cent, Japan’s Nikkei added 1.44 per cent, while Hong Kong’s Hang Seng Index declined 0.84 per cent. South Korea’s Kospi added 2.70 per cent.

Analysts said that the central bank’s bold initiatives to boost credit growth in the economy can positively sustain the momentum in the market, particularly in Bank Nifty. However, the sustained selling by FIIs in the market is unlikely to sustain this momentum.

FIIs are likely to further accelerate selling since the market construct provides them the opportunity to sell aggressively. Robust buying from DIIs can provide some support to the market, particularly in large-cap auto stocks, which have strong fundamental support now, they added.

In the last trading session on Wednesday, foreign institutional investors (FIIs) sold equities worth Rs 1,605 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 2,916 crore.

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