A flurry of macroeconomic data including CPI, WPI, trade exports and imports, and trade deficit numbers will be released this week, which can set tone for Indian equities.
The country procures Russian oil at deep discount of around $15-20 a barrel.
Crude oil rises to nearly a three-week high; key oils stocks trade in positive territory as OPEC+ decides to cut output by 2 mn barrels/day.
OPEC Plus – a grouping of 23 oil-rich countries -- is meeting in Vienna on Wednesday to discuss a major production cut for the first time since March 2020.
The Centre has reduced tax on domestically-produced crude oil to ₹10,500 per tonne from ₹13,300 per tonne; tax levy on diesel lowered to ₹10 per litre.
Adani Total Gas declined 4%, followed by Reliance Industries, HPCL, GAIL, and IGL, which dropped up to 2%
The Brent crude oil for August delivery dropped nearly 4% to $110 per barrel on Wednesday after U.S. President Biden announced plans to cut fuel costs.
The European Council agreed to immediately cut 75% of Russian oil imports.
Brent crude – the international benchmark – is trading above the $130 per barrel mark.
The top five gainers on the Sensex pack were Sun Pharma Industries, Tata Consultancy Services, NTPC, Wipro and Tech Mahindra.
