As fuel prices hit record highs, the government may be mulling a tax cut.&nbsp

Petrol was selling in Delhi on Sunday at <a href="http://www.wionews.com/india-news/petrol-diesel-prices-hit-record-highs-in-delhi-138381">Rs 76.24 a litre</a>, the highest ever since September 14, 2013.&nbsp

On Monday, prices climbed even higher to Rs 76.57 a litre.&nbsp

This is the eighth straight day fuel prices have risen.&nbsp

Oil retailers had frozen prices on April 24 — after being nudged by the government to do so&nbsp&nbsp&nbsp— as Karnataka went to the polls.&nbsp

The freeze was lifted on May 14, two days after the elections.&nbsp

The retailers are now trying to catch up with global oil prices.&nbsp

On Sunday however, Oil Minister Dharmendra Pradhan said in Bhubaneshwar that the Centre was "sensitive" about "rising fuel prices". That alternatives were being explored and that he hoped something would "work out soon".&nbsp

That, news reports said Monday, indicated the government may be thinking about a tax cut.&nbsp

Pradhan has so far&nbspruled out an excise cut, saying the price rise is temporary. He has blamed the price rise on OPEC's decision to cut production, US sanctions on Iran, and the <a href="http://www.wionews.com/world/venezuela-maduro-wins-presidential-vote-138497">instability in Venezuela</a>.&nbsp

He has instead urged states to cut VAT and bring fuels under the GST regime.&nbsp

But the minister's statement on Sunday, the reports said, indicates a rethink by the government in order to avoid the public outcry getting any louder. 
&nbsp

Oil Minister Dharmendra Pradhan said on Sunday that the Centre was 'sensitive' about 'rising fuel prices'. That alternatives were being explored and that he hoped something would 'work out soon'

As fuel prices hit record highs, the government may be mulling a tax cut. Petrol was selling in Delhi on Sunday at Rs 76.24 a litre, the highest ever since September 14, 2013. On Monday, prices climbed even higher to Rs 76.57 a litre. This is the eighth straight day fuel prices have risen. Oil retailers had frozen prices on April 24 — after being nudged by the government to do so — as Karnataka went to the polls. The freeze was lifted on May 14, two days after the elections. The retailers are now trying to catch up with global oil prices. On Sunday however, Oil Minister Dharmendra Pradhan said in Bhubaneshwar that the Centre was "sensitive" about "rising fuel prices". That alternatives were being explored and that he hoped something would "work out soon". That, news reports said Monday, indicated the government may be thinking about a tax cut. Pradhan has so far&nbspruled out an excise cut, saying the price rise is temporary. He has blamed the price rise on OPEC's decision to cut production, US sanctions on Iran, and the instability in Venezuela. He has instead urged states to cut VAT and bring fuels under the GST regime. But the minister's statement on Sunday, the reports said, indicates a rethink by the government in order to avoid the public outcry getting any louder.

As fuel prices hit record highs, government may be mulling a tax cut

The prices of diesel and petrol hit their highest-ever level on Sunday.&nbsp;

Petrol is selling at Rs 76.24 a litre in Delhi, while diesel is selling at Rs 67.57.&nbsp;

The previous petrol price high was Rs 76.06 on September 14, 2013.&nbsp;

Petrol is selling at Rs 84.07 in Mumbai. And at Rs 78.91 and Rs 79.13 in Kolkata and Chennai.&nbsp;

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As prices of petrol touch Rs 84.07/litre in Mumbai, locals say 'Why are prices so high in Mumbai when it is comparatively lower in Gujarat & Delhi? It is tough for those who have to travel everyday. We shell out Rs 120 for petrol regularly.' <a href="https://t.co/E9BwoFRm5M">pic.twitter.com/E9BwoFRm5M</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/998116306791608320?ref_src=twsrc%5Etfw">May 20, 2018</a></blockquote>
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Locals in Delhi say 'The govt must bring down prices of petrol. They must reduce excise duty & use other measures. The prices are already so high'. Prices of petrol in Delhi touched Rs 76.24/litre. <a href="https://t.co/4kdxnMTzDh">pic.twitter.com/4kdxnMTzDh</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/998123481614217216?ref_src=twsrc%5Etfw">May 20, 2018</a></blockquote>
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Diesel meanwhile is selling at 71.94, Rs 70.12, and Rs 71.32 a litre in Mumbai, Kolkata and Chennai. respectively.

Petrol is selling at Rs 76.24 a litre in Delhi, while diesel is selling at Rs 67.57

The prices of diesel and petrol hit their highest-ever level on Sunday. Petrol is selling at Rs 76.24 a litre in Delhi, while diesel is selling at Rs 67.57. The previous petrol price high was Rs 76.06 on September 14, 2013. Petrol is selling at Rs 84.07 in Mumbai. And at Rs 78.91 and Rs 79.13 in Kolkata and Chennai. As prices of petrol touch Rs 84.07/litre in Mumbai, locals say 'Why are prices so high in Mumbai when it is comparatively lower in Gujarat & Delhi? It is tough for those who have to travel everyday. We shell out Rs 120 for petrol regularly.' pic.twitter.com/E9BwoFRm5M — ANI (@ANI) May 20, 2018 × Locals in Delhi say 'The govt must bring down prices of petrol. They must reduce excise duty & use other measures. The prices are already so high'. Prices of petrol in Delhi touched Rs 76.24/litre. pic.twitter.com/4kdxnMTzDh — ANI (@ANI) May 20, 2018 × Diesel meanwhile is selling at 71.94, Rs 70.12, and Rs 71.32 a litre in Mumbai, Kolkata and Chennai. respectively.

Petrol, diesel prices hit record highs in Delhi

The BSE benchmark fell by over 200 points, pulling back from its record highs, on heavy profit booking in banking, FMCG, oil and gas, pharma and capital goods stocks after a recent rally.

Offloading of positions by participants with today being the last trading session of October series contracts in the derivatives segment pulled the index back from record levels, a broker said.

The 30-share index opened gap down at 33,025.17 against yesterday&#39;s record close of 33,042.50 and quickly raced to a high of 33,074.91.

However, the index retreated on the emergence of profit booking in recent gainers to touch a low of 32,835.06, down by 207.44 points or 0.62 per cent.

The gauge had gained 659.57 in the previous three sessions.

Sectoral indices led by consumer durables, power, FMCG, infrastructure and auto stocks were trading in the red, falling up to 0.43 per cent.

The NSE Nifty fell by 21.40 points, or 0.20 per cent, to 10,273.95.

Major losers were HDFC ltd, Asian Paints, HDFC Bank, Hind Unilever and Kotak Bank with losses of up to 1.66 per cent.

State-run lenders continued their upward trend as PNB, SBI and Bank of Baroda rose up to 9.68 per cent.

Asian markets were mixed with Hong Kong&#39;s Hang Seng dropping 0.15 per cent while Japan&#39;s Nikkei moving up by 0.16 per cent in early trade. The Shanghai Composite Index too inched up by 0.18 per cent.

The US Dow Jones Industrial Average ended 0.48 per cent lower yesterday.&nbsp;

Sectoral indices led by consumer durables, power, FMCG, infrastructure and auto stocks were trading in the red, falling up to 0.43 per cent.

The BSE benchmark fell by over 200 points, pulling back from its record highs, on heavy profit booking in banking, FMCG, oil and gas, pharma and capital goods stocks after a recent rally. Offloading of positions by participants with today being the last trading session of October series contracts in the derivatives segment pulled the index back from record levels, a broker said. The 30-share index opened gap down at 33,025.17 against yesterday's record close of 33,042.50 and quickly raced to a high of 33,074.91. However, the index retreated on the emergence of profit booking in recent gainers to touch a low of 32,835.06, down by 207.44 points or 0.62 per cent. The gauge had gained 659.57 in the previous three sessions. Sectoral indices led by consumer durables, power, FMCG, infrastructure and auto stocks were trading in the red, falling up to 0.43 per cent. The NSE Nifty fell by 21.40 points, or 0.20 per cent, to 10,273.95. Major losers were HDFC ltd, Asian Paints, HDFC Bank, Hind Unilever and Kotak Bank with losses of up to 1.66 per cent. State-run lenders continued their upward trend as PNB, SBI and Bank of Baroda rose up to 9.68 per cent. Asian markets were mixed with Hong Kong's Hang Seng dropping 0.15 per cent while Japan's Nikkei moving up by 0.16 per cent in early trade. The Shanghai Composite Index too inched up by 0.18 per cent. The US Dow Jones Industrial Average ended 0.48 per cent lower yesterday.

Sensex pulls back from record level, plunges by 207 points in early trade

Indian shares hit record highs on Friday, with Reliance Industries and Tata Steel leading the gains, as higher derivatives rollover led to strong follow-up buying in index heavyweights.

The broader NSE Nifty rose as much as 0.65 per cent to a record high of 9,572.25, while the benchmark BSE Sensex gained as much as 0.73 per cent, also touching a life-high of 30,975.52.

&quot;Most of the movement on the indexes since Thursday is due to broad index-level buying in the markets because of the F&amp;O expiry,&quot; said Tirthankar Patnaik, chief strategist and head of research, India at Mizuho Bank.

&quot;On Thursday, major shorts were covered and longs have been rolled, so there is follow-up buying in today&#39;s session. Nifty saw 75 per cent rollover yesterday,&quot; said Miraj Vora, derivative analyst at Prabhudas Lilladher.

A higher rollover is typically a bullish sign and means investors expect gains to continue.

Reliance Industries gained as much as 3.22 per cent, while Tata Steel gained as much as 5.6 per cent to 511.90 rupees, its highest since September 2014.

Consumer firm ITC, which is slated to report March quarter results later in the day, gained as much as 1.55 per cent.

Meanwhile, downstream oil companies lost some ground.

&quot;There is some profit-booking in downstream oil companies,&quot; Patnaik said.

Indian Oil Corp slipped for the first time in three sessions, falling as much as 5.2 per cent, while Bharat Petroleum lost as much as 3.3 per cent and looked set to snap three sessions of gains.

Pharma company Cipla dropped to an eleven-month low after posting a quarterly loss against analysts&#39; expectations.

(Reuters)

Indian shares hit record highs on Friday, with Reliance Industries and Tata Steel leading the gains, as higher derivatives rollover led to strong follow-up buying in index heavyweights. The broader NSE Nifty rose as much as 0.65 per cent to a record high of 9,572.25, while the benchmark BSE Sensex gained as much as 0.73 per cent, also touching a life-high of 30,975.52. "Most of the movement on the indexes since Thursday is due to broad index-level buying in the markets because of the F&O expiry," said Tirthankar Patnaik, chief strategist and head of research, India at Mizuho Bank. "On Thursday, major shorts were covered and longs have been rolled, so there is follow-up buying in today's session. Nifty saw 75 per cent rollover yesterday," said Miraj Vora, derivative analyst at Prabhudas Lilladher. A higher rollover is typically a bullish sign and means investors expect gains to continue. Reliance Industries gained as much as 3.22 per cent, while Tata Steel gained as much as 5.6 per cent to 511.90 rupees, its highest since September 2014. Consumer firm ITC, which is slated to report March quarter results later in the day, gained as much as 1.55 per cent. Meanwhile, downstream oil companies lost some ground. "There is some profit-booking in downstream oil companies," Patnaik said. Indian Oil Corp slipped for the first time in three sessions, falling as much as 5.2 per cent, while Bharat Petroleum lost as much as 3.3 per cent and looked set to snap three sessions of gains. Pharma company Cipla dropped to an eleven-month low after posting a quarterly loss against analysts' expectations. (Reuters)

Sensex hits record highs; Tata Steel scales over 2.5 year peak

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