Business
OMCs hold fuel price revision; Brent trades above $72/bbl

Oil marketing companies (OMC) kept the petrol and diesel prices unchanged for the fifth consecutive day on Friday even as the Brent crude on the Intercontinental Exchange was trading above the $72-per-barrel-mark.
In the national capital, petrol was sold for Rs 101.19 per litre. Similarly, price of the fuel in the other key metros of Mumbai, Chennai and Kolkata stood unchanged at Rs 107.26, Rs 98.96, Rs 101.62 per litre, respectively.
In tandem with petrol price, diesel price also remained unchanged on Friday. In Delhi, Mumbai, Chennai and Kolkata, the fuel was sold for Rs 88.62, Rs 96.19, Rs 93.26 and Rs 91.71 per litre respectively.
Global crude prices increased on Friday. The November contract of Brent crude on the Intercontinental Exchange is currently trading above the $72-per-barrel-mark.
Across the country as well, petrol and diesel prices remained static on Friday, but their retail rates varied depending on the level of local taxes in a particular state.
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 become 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.
However, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also made companies keep increasing fuel prices whenever there is a mismatch between globally arrived and pump price of fuel.
Business
Sensex surges 700 points, Nifty reclaims 26,000 as IT stocks lead market rally

Mumbai, Oct 23: The Indian stock markets opened on a strong note on Thursday, even as global cues remained mixed.
The benchmark indices, Sensex and Nifty, started the session with solid gains, driven largely by strength in IT stocks.
The Sensex opened 727.81 points higher at 85,154.15, while the Nifty reclaimed the 26,000 mark, opening 188.6 points higher at 26,057.20.
“For now, upside objective is set at 26186, with 26800 appearing as an optimistic objective,” market experts said.
“Meanwhile, downside marker is placed at 25780, but an outright reversal is not expected today,” they added.
Among the top performers on the BSE were Infosys, HCLTech, and Tech Mahindra, which saw healthy buying interest.
On the other hand, Bajaj Finserv, Maruti, and Power Grid were among the major laggards.
Similar trends were seen on the NSE, where Infosys, HCLTech, and Tech Mahindra led the gains, while IndiGo, Eicher Motors, and Sun Pharma Life witnessed selling pressure.
Broader market indices also traded higher, with the Nifty SmallCap 100 rising 0.33 per cent and the Nifty MidCap 100 climbing 0.44 per cent.
Sector-wise, the Nifty IT index emerged as the top gainer, up 1.84 per cent, while the Nifty Realty index was the only one in the red, slipping 0.08 per cent.
Analysts said that investors showed renewed optimism in the market, with strong buying seen in technology shares supporting the early trade momentum.
Reports of an imminent trade deal between India and the US is doing the rounds in market circles and the market reaction through Nifty implied open confirms this, experts said.
“Comments from President Donald Trump and responses from Prime Minister Narendra Modi indicate an early trade deal. The expected deal involves some concessions from both sides,” they added.
Meanwhile, the foreign institutional investors (FIIs) extended their buying streak for the fifth consecutive session on October 21, as they bought equities worth Rs 96 crore.
Business
Air India’s US-bound flight returns to Mumbai due to technical snag

Mumbai, Oct 22: An Air India flight scheduled from Mumbai to Newark in the United States had to return after take-off, as the crew identified a suspected technical snag, according to a statement issued by the airline on Wednesday.
“The crew of flight AI191 operating from Mumbai to Newark on 22 October, made a precautionary air-return to Mumbai due to a suspected technical issue. The flight landed safely back in Mumbai, and the aircraft is undergoing necessary inspections,” according to an Air India statement.
The total number of passengers on board, along with the time at which the airline departed and returned, was not available in the preliminary statement. As per the usual schedule, the AI1191 flight departs at 01:10 hours (IST) from Mumbai and reaches Newark at 07:55 hours (EDT).
Due to the flight’s cancellation, the return flight from Newark to Mumbai — numbered AI144 — was also cancelled.
The incident comes close on the heels of Delhi-bound Air India plane running into a technical snag at the Milan airport last Friday, stranding over 250 passengers at the foreign airport just ahead of Diwali.
The airline’s Boeing 787 Dreamliner (VT-ANN) had encountered a technical issue upon landing in Milan, preventing the aircraft from operating the return journey to Delhi.
Air India then scheduled an additional flight from Milan to Delhi on Oct 19 to bring back home 256 passengers who were stranded in Milan since, October 17.
The airline claimed it had extended all immediate assistance to affected passengers, including hotel accommodation and meals. Full refunds or complimentary rescheduling were also offered as per passenger preference.
A similar incident occurred on August 16 this year, when an Air India flight on the same route was cancelled due to a technical issue that was notices during pushback.
According to Air India, a maintenance task was identified just as the aircraft was preparing for departure. The subsequent delay caused the operating crew to exceed mandatory flight duty time limitation norms, making it unsafe and impermissible for them to continue.
Business
Gold likely to open weak after steep global fall; prices may drop to Rs 1.22–Rs 1.23 lakh per 10 gm

Mumbai, Oct 22: The rush for gold may slow down after Diwali, as the yellow metal is expected to open on a weak note in the domestic market on Wednesday.
This comes after international gold prices fell sharply by 5.5 per cent — the steepest decline since August 2020.
Analysts expect Indian gold prices to correct to around Rs 1.22–Rs 1.23 lakh per 10 grams when markets open on Wednesday.
The fall in global prices has triggered profit-booking among investors who had benefited from gold’s recent rally.
Silver too lost over 2 per cent, trading near $47.6 per ounce after tumbling 7.1 per cent in the previous session.
Gold and silver both extended their slide from record highs, while Asian stock markets showed mixed trends following a muted session on Wall Street.
Experts said the sharp drop in precious metals reflects a wave of profit-taking after their rapid rise this year.
“Many investors have grown cautious, believing that gold’s rally may have entered a bubble zone,” analysts noted.
This year’s rally had been driven by worries about the fiscal health of major economies, especially the US, and expectations that the Federal Reserve could cut interest rates further by the end of the year.
Gold prices had surged nearly 60 per cent this year, fuelled by central banks diversifying away from the dollar and retail investors buying into exchange-traded funds.
Market sentiment also turned cautious after signs of possible progress in trade talks between the US and China.
US President Donald Trump said he expects a “good deal” in his upcoming meeting with Chinese President Xi Jinping, though he admitted the talks might still face hurdles.
Analysts believe that while gold remains a preferred safe-haven asset in the long term, short-term volatility is likely to continue as investors balance profit-taking with global economic signals.
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