Stock Market
Fuel prices rise, war fears grow — but Sensex and Nifty still jump
Mumbai/IBNS: BSE Sensex and Nifty 50 opened higher on Tuesday, brushing aside concerns over the escalating West Asia conflict, even as fuel prices in India saw another sharp hike.
The Sensex surged over 250 points during early trade, while the Nifty 50 gained around 50 points in the opening hour.
However, the Sensex later trimmed some of its gains amid cautious market sentiment.
Meanwhile, petrol and diesel prices were increased for the second time in a week as global crude oil prices remain under pressure due to tensions in the Middle East.
According to reports, oil marketing companies raised petrol prices by around 87 paise per litre and diesel prices by nearly 91 paise per litre in the latest revision.
Earlier on May 15, fuel prices had already been hiked by up to Rs. 3 per litre.
The latest increase comes amid mounting pressure on state-run oil marketing firms owing to elevated global crude prices and disruptions in key energy supply routes.
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