Petrol, diesel rates raised again by 35 paise/ltr

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New Delhi, Oct 27 | Petrol and diesel prices increased again on Wednesday after a two-day break as global oil prices failed to relent and continued to remain firm.

Accordingly, the pump price of petrol in Delhi increased by 35 paise per litre to jump to Rs 107.94 a litre while diesel prices also increased by the same margin to reach Rs 96.67 a litre, according to a price notification of state-owned fuel retailers.

In the financial capital Mumbai, petrol prices have now risen to Rs 113.80 per litre while diesel to Rs 104.8 5 a litre, the highest among all metros.

Across the country as well petrol and diesel prices increased between 35-40 paise per litre, but their retail rates varied depending on the level of local taxes on petroleum products.

The fuel prices remained static last week on Monday and Tuesday, but had risen for four straight days by 35 paise per litre previously before again rising for five consecutive days between Wednesday and Sunday. It remained static again on Monday and Tuesday before rising again on Wednesday. There was no change in rates on October 12 and 13.

Diesel prices have now increased for 25 of the last 33 days taking up its retail price by Rs 8.15 per litre in Delhi.

With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to 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 the pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 22 of the previous 29 days taking up its pump price by Rs 6.75 per litre.

Crude prices have been on a surge rising over three year high level of over $ 86 a barrel now as global demand remains firm while OPEC+ continues to move slowly on increasing production. 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.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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