Market : SENSEX gains 1300 points, Nifty above 8400 points

Rupee opened higher by 32 at 75.90 per US Dollar , Crude prices up

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Mumbai: Indian benchmark indices opened higher on Tuesday, April 7th.While S&P BSE Sensex opened at 28815, a rise of 1224.05 points or 4.44%, NSE Nifty-50 opened above 8400 points, up 338.90 points or 4.19%.

By 10 am Sensex is up by 1311.85 points or 4.74%   at 28902.80 points and Nifty is up at 371 points or 4.6% at 8455.40 points.

While Bajaj Finance declined by 3.54%, Bajaj Finserve lost 1.7%. Among the major gainers are Indusind bank, M&M, Axis Bank and ICICI Bank.  While Indusind bank gained 19.13%, M&M gained 13.11% and ICICI Bank gained 7.45%.

At 10 am Indian rupee opened higher by 32 at 75.90 per US Dollar on Tuesday against Friday’s close of 76.22. As per RBI guidelines, the money markets opened today at 10 am and will remain open till 2 pm.

Crude Oil prices rise

Crude oil prices rose on Tuesday amid hopes of a deal between OPEC and Russia. G20 countries are set to send their oil ministers for an emergency meeting on Friday, a sign that OPEC and Russia may cut production.

While Brent Crude up by 2.93% to USD 34.02 a barrel, WTI crude improved by 3.22% to USD 26.92 per barrel. The OPEC basket has increased by 21.55% to USD 23.01 per barrel and the Indian basket is up 16.05%  at 24.29 per barrel.

On Sunday, Indian Oil Minister Dharmendra Pradhan had a discussion with US Energy Secretary Dan Brouillette through  Video Conference on the issue of demand reduction due to Covid-19 response globally and volatility of the oil markets.

“ Interacted with US Energy Secretary  @SecBrouillette  through video conferencing. Expressed my deepest condolences, and concern, regarding the COVID-19 situation globally, and more specifically in the U.S. We had discussions about demand reduction due to COVID-19 response globally and volatility of the oil markets, which are of concern to both the countries. We both will work towards a more stable oil market, and agreed to remain in contact” twitted Pradhan.

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