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Market Pulse: Key triggers to watch before the July 8 trading session
Indian investors will track the continuing attacks on tankers by Iranian forces, which are increasing concerns among shipowners. Oil marketing companies, including Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, may remain on investors’ radar amid developments in crude markets. Also, the government has decided to exercise the entire green shoe option in the Cochin Shipyard Offer for Sale (OFS) after strong investor response on the first day. Further, US markets are trading higher as investors rotate away from artificial intelligence-linked stocks. Oil prices remain in focus after vessel attacks in the Persian Gulf, with potential supply concerns keeping crude markets under watch.
US stock market today: S&P 500, Nasdaq futures edge lower as chip stocks retreat; crude oil prices rise - livemint.com
US stock market today: S&P 500, Nasdaq futures edge lower as chip stocks retreat; crude oil prices riselivemint.com
INR seen supported by improving global risk sentiments
The Indian rupee appreciated 48 paise to close at 94.95 (provisional) against the US dollar on Tuesday, on improved global risk sentiments as higher traffic flows through the Strait of Hormuz reduced supply uncertainties. Market sentiment was also buoyed after Saudi Arabia slashed August crude oil prices for Asia by USD 11 per barrel. Moreover, softness in Brent oil prices is alaos expected to ease inflationary pressures for India, the world's third-largest oil importer. However, Indian shares ended slightly lower on Tuesday, with benchmark indexes Sensex and Nifty snapping a four-day winning streak. The Indian benchmark equity indices snapped their four-day winning streak, ending marginally lower due to late-session profit booking and weak Asian cues. The NSE Nifty 50 declined by 31.65 points (0.13%) to close at 24,398.70, while the BSE Sensex dropped 104.35 points (0.13%) to settle at 78,180.72.
Name any car that faced issues due to ethanol-blended petrol: Nitin Gadkari
Union Minister Nitin Gadkari challenged critics to name any car facing issues with E20 petrol. He stated that India's fossil fuel dependence is an economic and environmental burden. Higher ethanol blends reduce reliance on imported crude oil and cut carbon emissions. Ethanol production from corn has generated significant income for farmers in Uttar Pradesh and Bihar. The ministry is proposing wider use of alternative fuels like E85 and E100.
Citi sees oil prices falling to $60-$65, says wait before buying gold
The investment bank says improving geopolitical conditions and higher oil production could push crude prices lower, while gold and silver may remain under pressure in the near term.
India’s Fuel Consumption Slips Despite Record Crude Oil Imports - Investing.com India
India’s Fuel Consumption Slips Despite Record Crude Oil ImportsInvesting.com India
Rupee Surges 48 Paise Against US Dollar To Close At 94.95 On Easing Oil Supply Concerns
On Monday, the rupee had depreciated 25 paise to close at 95.43 against the US dollar.
Indian state refiners ready for Iran oil if US extends waivers
Indian refiners are exploring Iranian crude purchases if US waivers extend beyond August. They have fully contracted shipments through August, limiting immediate buying options. Refiners may still buy Iranian oil if discounts are significant and competitive. Russia's oil is currently selling at steeper discounts, making Iranian oil less appealing. India's oil imports from Russia have surged to record levels recently.
Gold could benefit from US rate cuts, while oil prices may fall to $60-$65: Ajay Kedia
Gold prices could stay on an upward path as hopes of US interest rate cuts support demand, while crude oil may become cheaper if global supply continues to outpace demand, according to commodity market expert Ajay Kedia.
Stock market today: Sensex, Nifty 50 snap four-day winning streak as oil prices rise
The Sensex dropped 104 points, or 0.13%, to end at 78,180.72, while the Nifty 50 shed 32 points, or 0.13%, to finish at 24,398.70. Nifty Midcap 100 and Smallcap 100 indices dropped 0.30% and 0.55%, respectively.
Deep Industries bags Rs 49-cr ONGC contract for natural gas compression services
Deep Industries announced that it has received a Letter of Award (LoA) from Oil and Natural Gas Corporation (ONGC) for charter hiring services for natural gas compression at GGS Paliyad under the Ahmedabad Asset.
Crude oil outlook: Price war, global market share in focus
The Middle East is now entering a different kind of conflict-one driven not by military confrontation, but by the battle for market share in global oil markets.