Mumbai, Jan 27 (IANS) The key Indian equities declined on Wednesday morning with the BSE Sensex losing nearly 400 points, coming down from the 48,000-mark.
Heavy selling was witnessed in banking, finance and oil and gas stocks.
Around 10.25 a.m., Sensex was at 47,954.05, lower by 393.54 points or 0.81 per cent from its previous close of 48,347.59.
It opened at 48,385.28 and has so far recorded an intra-day high of 48,387.25 and a low of 47,939.97.
The Nifty50 on the National Stock Exchange was trading at 14,147.05, lower by 91.85 points or 0.65 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "14,250 was a medium-term support for the index which was pierced on Monday. This makes the Nifty vulnerable and we can go down to 13,950 as a possible target."
"If we are unable to hold that level, we could fall further to 13,600. On the upside, the resistance is at 14,550-14,600 and until we do not close above that zone, we will continue to remain in the grip of the bears," he said.
New Delhi, March 6 (IANS) Oil marketing companies have spared consumers of yet another petrol and diesel price hike even though the global oil market is on the boil with crude reaching within touching distance of year-high-level of $70 a barrel.
Petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital on Saturday. Across the country too, the petrol and diesel price remained unchanged.
This is seventh consecutive day when pump prices of auto fuels have remains unchanged.
After a spike in global oil prices seen over last two weeks with crude price jumping close to $67 a barrel, prices had fallen to around $63 a barrel but it rose again to cross $69 a barrel mark now after after the OPEC+ decision to continue with crude production cut in April.
Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, price have gone up by Rs 4.22 per litre for petrol while diesel rate has risen by Rs 4.34 a litre in Delhi.
The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.
The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively so far this year.
Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.