"crude-oil"

India dismissed concerns over potential US sanctions on Russian oil imports, with Oil Minister Hardeep Singh Puri saying the country can meet its crude needs from other sources. Russia now supplies 40 per cent of India’s oil, up from just 0.2 per cent in 2022

Amid rising tensions between Iran and Israel, India has ramped up Russian and US crude oil imports in June, reducing reliance on Middle Eastern supplies. Data shows India’s evolving strategy to ensure energy security amid Strait of Hormuz risks

The 30-share BSE Sensex jumped 386.95 points to reach 80,888.94 in early trading, while the NSE Nifty advanced 114.05 points to 24,460.75. Among the top performers on the Sensex were Adani Ports, Asian Paints, Bajaj Finserv, Tata Consultancy Services, Infosys, HDFC Bank, Power Grid, HCL Tech, Titan, and Tata Motors.

Forex traders noted that a steep drop in crude oil prices, along with a strong performance in domestic equities, boosted investor sentiment. Brent crude prices fell by nearly 4 percent in early Asian trading after OPEC+ indicated plans over the weekend to ramp up production in the coming months.

Forex traders noted that encouraging macroeconomic data, combined with the 90-day relief from US reciprocal tariffs, spurred foreign investors to buy into domestic equities, which in turn boosted the local currency.

The news comes days after there was a buzz around prices of petrol and diesel being slashed owing to the falling crude oil  prices.

Forex analysts note that the local currency faced additional pressure from a strengthening U.S. dollar index and a rebound in crude oil prices, compounding the impact of selling in domestic equities and the ongoing outflow of foreign capital.

A lackluster domestic equity market and continuous foreign fund outflows exerted pressure on the local currency. However, easing crude oil prices provided some support, according to forex traders. At the interbank foreign exchange, the rupee opened weaker at 87.24 amid high volatility, hitting a low of 87.34 before stabilizing at 87.25 against the US dollar in early trade, marking a 30-paise decline from its previous close.

The sanctioned Indian firms are Austinship Management Pvt Ltd, BSM Marine LLP, Cosmos Lines Inc, and Flux Maritime LLP

Given the wild nature of his public statements, it is safe to assume that Trump 2.0 can have a profound impact on India, particularly in matters of trade and tariffs

The continued outflow of foreign funds from capital markets and a stronger U.S. dollar put pressure on the Indian currency, according to forex traders. At the interbank exchange, the rupee opened at 83.91 and slipped further to 83.93 against the dollar, trading 11 paise lower than the previous session's close.

Foreign Institutional Investors (FIIs) turned net sellers on Wednesday, adding further pressure on the domestic currency against the dollar, according to forex experts. In the interbank foreign exchange market, the local unit opened at 83.66, down 8 paise from the previous close of 83.58 against the American currency.

Forex traders noted that foreign institutional inflows, along with notable corrections in asset classes such as the dollar index and crude oil prices, supported the rupee. Additionally, the Reserve Bank's active intervention helped maintain the rupee within a narrow range.

While ethanol-blended petrol is important, a cautious approach is needed so that there is no pressure on food crops

ONGC and Oil India Ltd, upstream oil exploration and production firms, will gain from the announcement as they are required to pay the windfall tax on their crude oil output.

Gold prices are likely to rise further on the back of weak dollar and decline in US treasury yields.

Analysts said that the dollar index remained elevated above 106 after the US data showed the country's inflation slightly higher than estimated, raising expectations of further interest rate hikes by the US Federal Reserve.

On the Multi Commodity Exchange, crude oil for October delivery fell Rs 14 or 0.2 per cent to Rs 7,050 per barrel with a business volume of 11,845 lots.

As of September 30, the windfall tax on petroleum crude has been increased to Rs 12,100 per ton, up from Rs 10,000. This move allows the government to generate additional funds for subsidizing LPG and CNG prices for consumers.

Foreign fund outflows and losses in local equities, however, restricted the rupee's gains, forex dealers said.