Sensex rises 291 points to close at 49,493, Nifty also above 14,778

Sensex rises 291 points to close at 49,493, Nifty also above 14,778

New Delhi: The stock market is shopping on Wednesday for the second consecutive day. The Sensex is trading 291.80 (0.59%) points higher at 49,493.19 and the Nifty is up 94.75 (0.65%) points at 14,778.25. 24 out of the 30 stocks included in the index are up. Titan and Power Grid are the biggest gainers by 1.8%. Apart from this, shares of Reliance Industries, IndusInd Bank including SBI and Maruti also have a gain of over 1-1%. At the same time, shares of HDFC Bank and Kotak Bank are trading with a decline.

More buying in metal stocks
Nifty is also trading up 49 points at 14,742. Adani Port's stock is trading up 3% in the index. The stock had also gained 14% yesterday. Investors are buying in most metal stocks. The share of the sector Tata Steel is also trading with a gain of 1.2%.

The gain in 1,409 shares is being traded in
2,045 shares on BSE. The gain is in 1,409 shares and decline in 555. The total market cap of the listed companies has gone up to Rs 207.59 lakh crore as against Rs 206.35 lakh crore yesterday.

IMF said- India's possible growth of 12.5% ​​of GDP in 2021 The 
International Monetary Fund (IMF) has projected positive growth in the Indian economy. According to the IMF, the GDP rate is expected to be 12.5% ​​in 2021, which is higher than China's growth rate. This growth is expected to continue in the future. According to the report, India's GDP will grow by 6.9% in 2022. The Indian economy had fallen by 8% in the previous year ie 2020.

Sluggish business in the worldwide stock market

Japan's Nikkei index is trading up 25 points at 29,722.
China's Shanghai Composite Index is down 23 points at 3,459.
Korea's Kospi index also has a slight gain of 4 points, with the index trading at 3,131.
Australia's All Ordinaries Index also rose 18 points to 7,151.
Light profit recovery in US markets, flat business in Europe markets,
despite a strong economic recovery in the US stock markets, declined slightly, as investors are nervous before the quarterly results. The S&P 500 index slipped 4 points to close at 4,073.94. The Dow Jones index fell 96.95 points to close at 33,430. Similarly, the Nasdaq index also ended with a slight decline of 7 points at 13,698. European markets also closed flat before this, including the stock markets of France, Britain and Germany.

There was a slight increase in the market on Tuesday, the
stock market saw a slight increase on April 6. The BSE Sensex rose 42 points to 49,201.39 and the Nifty also closed up 45 points at 14,683.50. According to NSE provisional data, foreign institutional investors (FIIs) sold shares worth Rs 1,092.75 crore, while domestic institutional investors (DIIs) bought shares worth Rs 416.59 crore. 

'Government will decide to cut excise duty on petrol and diesel when the time comes'

'Government will decide to cut excise duty on petrol and diesel when the time comes'

Business Desk: Central Board of Indirect Taxes and Customs (CBIC) Chairman M Ajit Kumar said on Tuesday that the government would consider reducing petrol and diesel prices by cutting taxes when the appropriate time comes. The indirect tax collection from record excise duty on petrol and diesel was up 59 percent year-on-year in the financial year 2020-21, ending March 31. 

In a video call with reporters to give information about tax figures, he said, "We hope that the revenue will be good in the coming months." "As far as fuel price cuts are concerned," Kumar said , The Government is constantly on the lookout on this matter and I am confident that a decision will be taken whenever the time comes. Is considering a cut. However, he did not elaborate on the appropriate timing. 

The price of petrol and diesel was
raised by the government by Rs 13 per liter on petrol last year, while on diesel by Rs 16 per liter. The excise duty on petrol is now Rs 32.90 per liter. The petrol rate in Delhi is Rs 90.56 per liter and excise duty is 36 percent. Excise duty on diesel is Rs 31.80 per liter and excise duty is 39 per cent of its retail selling price of Rs 80.87 per liter. 

Adding VAT (value added tax) of states constitutes 55 to 60 per cent of the total tax in retail prices of these fuels. Petrol prices reached Rs 100 a liter in February in some parts of the country, Rajasthan, Maharashtra and Madhya Pradesh, amid the rise in the price of crude oil in the international market. Although assembly elections were announced in five states, including West Bengal, Tamil Nadu and Kerala, the price hike was put on hold. CBIC member (budget) Vivek Johri said one of the reasons for the 59.2 percent increase in excise collection is the increase in the petroleum tax rate. "If there is a deduction, the revenue collection will be affected by the excise duty," he said. 

Tax collection on oil reached Rs 2.94 lakh crore
Last month, Petroleum Minister Dharmendra Pradhan said in Parliament that tax collection on petrol and diesel was Rs 52,537 crore in 2013, which increased to Rs 2.13 lakh crore in 2019-20. At the same time, it increased to Rs 2.94 lakh crore in the first 11 months of 2020-21. CBIC did not separately provide data on excise collection on petrol and diesel in 2020-21.