Benchmark Indian indices clocked robust gains on Wednesday as inflation worries eased amid weakness in crude prices. Sensex closed 616.62 points or 1.16% higher at 53,750.97, and the Nifty rose 178.90 points to 15,989.80. Auto, FMCG, IT and banks & financials led the rally in the market today.
Broad market indices were positive as the BSE midcap index rose 1.7%, and BSE Smallcap index gained around 1%. Bajaj Finance, Bajaj Finserv, and HUL were among the top gainers on the indices. Power Grid Corp, NTPC were among the major losers. Meanwhile, the Indian rupee recovered marginally to close at 79.31 against the US dollar.
India’s latest measures aimed at boosting domestic oil supplies could reduce its diesel and gasoline exports in the second half of the year, keeping global supplies tight and underpinning prices, traders and analysts said.
The world is grappling with tight gasoline and diesel supplies as Western sanctions have reduced exports from Russia while demand has surged in a post-pandemic recovery.
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The government has notified certain procedural changes in the GST rules, including those related to threshold, for filing annual returns for the 2021-22 fiscal, a move that will help ease the compliance burden on small players.
The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week.
With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
European shares climbed on Wednesday, as Norwegian oil and gas workers called off their strike and assuaged fears of a heightened energy supply crunch, while Just Eat Takeaway.com rose after Amazon agreed to buy a stake in unit Grubhub.
The continent-wide STOXX 600 was up 1.3%. Germany’s DAX gained 1.4% after losing almost 3% in the previous session.
Equities fell in Asia on Wednesday and the euro was stuck at a 20-year low as recession fears continued to flow through trading floors. Adding to the uncertainty was a fresh flare-up of coronavirus cases in parts of China that has seen some cities locked down.
Tokyo’s Nikkei 225 closed 1.2% lower, Hong Kong’s Hang Seng Index fell 2.1%. Shanghai’s Composite ended 1.4% lower.