The Nifty and the Sensex have opened the day with slight gains after the heavy losses suffered yesterday.
Petrol and diesel prices have been increased for the fourth day in a row since dynamic pricing was resumed.
Join us as we follow the top business news through the day.
Sensex jumps over 200 points in opening session; Nifty tops 10,100
A decent start to the day for the benchmark stock indices.
PTI reports: "Equity benchmark Sensex advanced over 200 points in early trade on Wednesday tracking gains in index-heavyweights HDFC twins, Reliance Industries and Kotak Bank amid sustained foreign fund inflows.
After opening at 34,205.07, the 30-share index was trading 202.71 points, or 0.60 per cent, higher at 34,159.40.
Similarly, NSE Nifty advanced 55.15 points, or 0.55 per cent, to 10,101.80.
IndusInd Bank was the top gainer in the Sensex pack, rising around 2 per cent, followed by HDFC, Kotak Bank, Tech Mahindra, HCL Tech and UltraTech Cement.
On the other hand, Tata Steel, Hero MotoCorp and Infosys were among the laggards.
In the previous session, the BSE barometer settled 413.89 points or 1.20 per cent lower at 33,956.69, and the broader Nifty ended 120.80 points or 1.19 per cent down at 10,046.65.
On a net basis, foreign institutional investors bought equities worth Rs 490.81 crore in the capital market on Tuesday, provisional exchange data showed.
According to analysts, market opened on a positive note as fresh foreign fund inflows and stock-specific gains led benchmarks higher."
Petrol price hiked by 40 paise per litre, diesel by 45 paise
Petrol price on Wednesday was hiked by 40 paise per litre and diesel by 45 paise, the fourth straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision.
Petrol price in Delhi was hiked to ₹73.40 per litre from ₹73, while diesel rates were increased to ₹71.62 a litre from ₹71.17, according to a price notification of state oil marketing companies.
The rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
Domestic remittances by migrants climb back to clock 40% of pre-lockdown level
The easing of the lockdown is bringing back some signs of normalcy in the economy.
PTI reports: "Domestic remittances by the migrant working population have climbed back to clock 40 per cent of the pre-lockdown level, with the advent of Unlock 1.0 from June 1, fintech company Eko India said on Tuesday.
Eko India Financial Services Pvt Ltd (founded in 2007) said it is serving over 3 crore low to moderate-income migrant workers in India.
A clear drop was observed in the remittances made by the migrant working population from urban to rural India, which were recorded at a meagre 35 per cent of the total transactions recorded in the period before the lockdown, it said in a release.
“With the advent of Unlock 1.0 from the beginning of this month, the remittances have climbed back to clock 40 per cent of the total pre-lockdown levels; and are expected to cross the 50 per cent mark by the end of June,” Eko India said.
The remittance data also reflects the speed at which the country’s economy is bouncing back and the rate at which income levels and jobs are being reclaimed by the migrant working populace, it added.
It further said the data also underlines a nationwide trend.
Remittances from across urban nodes have been impacted - Delhi is down 80 per cent, Mumbai 95 per cent, Chandigarh 88 per cent, Bengaluru 83 per cent, and Surat 95 per cent."