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Share Market LIVE: SGX Nifty skyrockets ahead of opening bell; India’s crude oil import cost surged 190% in Q1

Cues from global peers were positive as Dow Jones, S&P 500, and the NASDAQ ended with gains.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices return to action on Thursday after a brief one-day pause. S&P BSE Sensex ended the previous trading session in red, falling 0.68% to settle at 52,198 while the NSE Nifty fell 0.76% and reached 15,632. Global markets sell-off forced domestic markets lower during the first half of the week but SGX Nifty today morning was hinting at a recovery, surging 119 points higher. Cues from global peers were positive as Dow Jones, S&P 500, and the NASDAQ ended with gains. Asian stock markets were also moving higher during the early hours of trade.

Increasing commodity prices forced the government’s crude oil import bill to swell by a massive 190.6% on-year basis in the first quarter to reach $24.7 billion. India’s crude oil import value during the quarter stood at 51 million tonne, up 14.7% from the previous year. The average price of the Indian basket of crude oil in the first quarter was $68.6 per barrel, against the average rate of $30.4 per barrel recorded in the same period last year. Increased crude oil prices have forced oil marketing companies to increase rates of petrol and diesel significantly during the last few months. 

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