Petrol, diesel prices remain unchanged for 7th day in a row
The oil marketing companies kept retail fuel prices unchanged on Thursday for the seventh consecutive day. Accordingly, the price of petrol and diesel stood at Rs 90.40 and Rs 80.73 per litre respectively, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price remained unchanged at Rs 96.83 per litre on Friday. The cost of diesel also was the same at Rs 87.81 a litre. The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning.
Oil falls third day on US stock build, surging COVID-19 cases
Oil prices fell for a third day on Thursday as a surprise build in US crude inventories and a resurgence of COVID-19 cases in India and Japan raised concerns that a recovery in global economy and fuel demand may slow. Brent crude futures fell 57 cents, or 0.9 percent, to USD64.75 a barrel by 0157 GMT, following a drop of USD1.25 on Wednesday. US West Texas Intermediate (WTI) crude futures were down 58 cents, or 1.0 percent, at USD60.77 a barrel, after losing USD1.32 on Wednesday. Both contracts dropped more than 2 percent on Wednesday, closing at their lowest since April 13. They are down more than 3 percent so far this week. More here
FPIs stock holding value soars by $105 billion to record high in Sept-March: Report
The value of the foreign portfolio investors (FPI) holdings in the domestic equities reached a record $555 billion in 2020-21, a whopping $105 billion growth between September 2020 and March 2021, according to a report. As against this, the value of the domestic institutional investors at $203 billion was not even half, according to the data compiled by Bank of America (BofA) Securities. FPIs have put in more money into the markets since then, having invested net $7.2 billion till April 16 (Year-To-Date 2021), making the country the only market that has seen net positive inflows in the year, despite a dip in March when it slowed to $1.4 billion from $3.5 billion in February and $2.2 billion in January. More here
Dogecoin ranks among world’s top 5 cryptos, overall value beats blue-chip companies
Dogecoin, the meme cryptocurrency, which started as a joke on social media, is turning out to be a serious affair. Dogecoin now ranks among the top five most valuable cryptocurrencies in the world with an overall value of over $50 billion, thanks to last week’s 400 percent market rally, according to CoinMarketCap.com data. Dogecoin touched the high following a cryptic tweet by Tesla and SpaceX Chief Executive Officer Elon Musk on Thursday. Musk tweeted ‘Doge barking at the moon’ while sharing a painting of a Spanish artist, referring to the cryptocurrency Dogecoin. Friday morning noted a jump of 112.89 percent in Dogecoin value in the previous 24 hours, as per Coinbase, with the value of the cryptocurrency rising to $0.29. More here
Here are some more market cues to look at this morning
Good morning! Oil prices are trading lower in Asia trade amid surprise build in US crude inventory, rising COVID cases; Brent at $65.09/bbl
— CNBC-TV18 (@CNBCTV18Live) April 22, 2021
First up, here is quick catchup of what happened in the markets on Tuesday
Indian indices pared morning gains to end lower on Tuesday as worries surrounding the second wave of COVID continued after more stated announced fresh restrictions. The Sensex ended 244 points lower at 47,706 while the Nifty fell 63 points to settle at 14,296. Losses in IT, FMCG and financials mainly dragged the indices during the day. Broader markets, however, outperformed benchmarks, with the midcap index up 0.3 percent and smallcap index up 1 percent. Market breadth in favours of advances with the advance-decline ratio at 3:2.
Welcome to CNBC-TV18’s Market Live Blog
Good morning, readers! I am Pranati Deva from the market’s desk of CNBC-TV18. Welcome to our market blog, where we provide rolling live news coverage of the latest events in the stock market, business and economy. We will also get you instant reactions and guests from our stellar lineup of TV guests and in-house editors, researchers, and reporters. If you are an investor, here is wishing you a great trading day. Good luck!