Government Slashes Excise Duty on Petrol to ₹3/Litre and Exempts Diesel Completely Amid Surging Crude Oil Prices; Hardeep Singh Puri Firmly Denies Lockdown Rumours

  In a significant relief measure for millions of Indian consumers, the Central Government has sharply reduced special additional excise duty on petrol and fully exempted diesel to shield citizens from the sharp spike in global crude oil prices triggered by the ongoing West Asia crisis. The move comes as international crude benchmarks have climbed dramatically, with reports indicating prices rising from around $70 per barrel to as high as $122 in recent weeks due to supply disruptions. Why the Government Cut Fuel Excise Duty Now The Finance Ministry issued a notification reducing the special additional excise duty (SAED) on petrol from ₹13 per litre to just ₹3 per litre, while completely scrapping the ₹10 per litre duty on diesel. This timely intervention aims to prevent a direct pass-through of higher international costs to retail fuel prices at pumps across the country. Union Petroleum and Natural Gas Minister Hardeep Singh Puri explained the rationale behind the decision. H...
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IT Stocks Propel Sensex and Nifty to New Records; Broader Markets Face Challenges


 On Thursday, September 26, 2024, Indian equity markets surged to new heights, propelled by strong performances from IT and auto stocks. While the BSE Sensex and Nifty 50 set record highs, the broader market struggled, revealing a mixed sentiment among investors.

Market Snapshot

The BSE Sensex reached 85,443.27, gaining 277 points (0.32%), while the Nifty 50 climbed to 26,091.05, up 87.23 points (0.34%). This surge follows a strong opening, where both indices overcame initial flat trading to extend their upward momentum.

Top Performers

Maruti Suzuki India stood out on the BSE Sensex, rising 4.49%, followed closely by Tata Motors, Bajaj Finserv, Mahindra & Mahindra, and Tata Steel. On the flip side, Larsen & Toubro led the declines, falling 1.27%, accompanied by NTPC, Power Grid Corp, and Bharti Airtel.

Similarly, on the Nifty 50, Maruti Suzuki continued its winning streak with a 4.36% increase, supported by strong gains in Hindalco Industries and Bajaj Finserv. However, the index faced pressure from declines in Cipla, Divi's Laboratories, and Larsen & Toubro.

Sector Analysis

The Metal index emerged as the top performer, climbing 1.47%, while the Auto and IT sectors also showed positive momentum. Conversely, sectors such as Consumer Durables, Pharma, Healthcare, and Realty lagged, contributing to the mixed performance of the broader market.

The BSE SmallCap index declined by 0.54%, while the BSE MidCap index fell 0.69%, highlighting the challenges faced by smaller companies amid the bullish trend in larger stocks.

Previous Trading Session Recap

The momentum from the previous trading day carried over, as the Sensex closed at 85,169.87, a 0.30% gain, reaching an intraday high of 85,247. The Nifty also experienced an upward trajectory, reaching 26,032.80 before finishing at 26,004, marking a 0.25% increase.

Global Market Influences

Asian markets showed resilience, with Japan’s Nikkei 225 rising 1.7% and South Korea’s Kospi gaining 1.77%. Investors reacted positively to China’s substantial stimulus measures aimed at revitalizing the economy. Despite this, global markets are under pressure from rising US Treasury yields and ongoing concerns regarding economic stability in the US.

Conclusion

As Indian markets soar to record levels, the contrasting performance of broader indices serves as a reminder of the inherent volatility in the market. Investors should remain vigilant, focusing on sector performance and global economic trends to navigate the complexities ahead. With IT and auto stocks driving momentum, strategic investment choices will be essential in leveraging the current market dynamics.

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