Sensex, Nifty open marginally higher amid mixed global cues

Indian shares open marginally higher amid weakness in Asian equities and an overnight fall in Wall Street stocks. Inflation concerns kept investors cautious a day ahead of the Reserve Bank of India’s monetary policy decision

Asian shares were on a back foot on Wednesday, tracking overnight losses on Wall Street after evidence of a cooling economy exacerbated worries that the Federal Reserve’s campaign to rein in decades-high inflation may cause a deep downturn

Sensex opens marginally higher ;

Technically, the Nifty is holding a bullish pattern on daily charts, and it is continuously producing a higher bottom shape on intraday charts, which is mostly favourable. The market structure is positive in our opinion, but owing to briefly overbought conditions, we could see some profit taking at higher levels.

Buying on dips and selling on rallies would be the best course of action for traders at the moment. In the near future, the index’s important support and resistance levels will be 17,300–17,250 and 17,500–17,550 respectively.

Rising crude prices, tax cuts may not help oil producers

While the central government’s decision to withdraw windfall taxes on local crude oil could be positive for upstream oil producers such as Oil and Natural Gas Corp. Ltd (ONGC) and Oil India Ltd (OIL), analysts are wary.

The government on Tuesday slashed windfall taxes on domestic crude oil to zero from ₹3,500 a tonne ($5.8 a barrel earlier).

The special additional excise duty (SAED) on diesel has also been cut to ₹0.5 a litre, including cess, compared to ₹1 a litre earlier, while those on ATF and petrol remained unchanged.

The revision typically takes place every fortnight.

Oil edges up as OPEC cuts, U.S. inventories brighten outlook

Oil prices rose in early Asian trade on Wednesday on anticipated U.S. crude inventory declines and OPEC+’s latest output cut targets.

Brent crude futures gained 38 cents to $85.32 a barrel at 0021 GMT. West Texas Intermediate U.S. crude was up 33 cents to $81.04 a barrel.

Helping boost oil prices was an industry report showing that U.S. crude stocks fell by about 4.3 million barrels in the week ended March 31, according to market sources citing American Petroleum Institute figures on Tuesday.

In Asia, Japan’s service sector grew in March at the fastest rate in more than nine years.

Reliance Industries secures $2 bn additional loan

Reliance Industries Ltd (RIL) has secured an additional credit line of $2 billion from 18 banks after obtaining a $3 billion from 55 banks last week, three people directly aware of the development said. The conglomerate has thus got a total loan of $5 billion, making it the largest fundraising through the syndicated loan route in India’s corporate history.

Reliance Jio Infocomm Ltd, a unit of RIL, secured the $2 billion add-on facility on Tuesday with the same terms as its recent $3 billion syndicated loan.The funds will mainly be allocated towards RIL’s capital expenditures and Jio’s nationwide 5G expansion.  

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