After the windfall tax cut, Oil India is seeing 6.51 percent, ONGC 5.39 percent, GAIL 4.85 percent, Reliance is seeing a rise of about three percent. Reliance had a bumper rally of 4.22 percent when the market opened.
Impact of windfall tax cut on energy stocks.
Government windfall tax cut (windfall tax cut) whose effect is clearly visible on the market. this morning for the fourth day in a row Market ,Share market updates) open with speed. Sensex gained 715 points at the level of 55482, Nifty jumped 222 points at the level of 16562 and Nifty Bank opened with a jump of 340 points at 36061 level. In the early trade, this increase was more than 750 points. At 9.20 am, 6.51 percent in Oil India, 5.39 percent in ONGC, 4.85 percent in GAIL, about three percent in Reliance is seen. When the market opened, there was a bumper rally of 4.22 percent in Reliance. All the shares in the top-30 of the Sensex are trading in the green mark. At present, Reliance Industries, Tech Mahindra, Infosys, Hindustan Unilever and Tata Consultancy Services are the top gainers.
According to news agency PTI, today the rupee opened with a fall of 2 paise at 79.94 against the dollar. The rupee had closed at 79.92 on Tuesday. For the last two days, the rupee crosses the level of 80 during trading. Although this closing is giving before that. Due to the increasing risk in the global market, the dollar is firm and other currencies are under pressure.
Shares rise after Vedanta’s dividend announcement
The board of directors of mining giant Vedanta has approved the second interim dividend of Rs 19.50 per equity share for the current financial year. After the announcement of dividend, its shares are up today. At this time this stock was trading at Rs 247 level with a rise of 3.50 per cent. The total amount of dividend works out to Rs 7250 crore. Vedanta said in the information given to the stock exchanges, the Board of Directors of the company on Tuesday approved the second interim dividend of Rs 19.50 per equity share through the proposal. A dividend of 1950 per cent has been approved on the face value of Re 1 which will work out to Rs 7250 crore. According to the company, the record date for payment of dividend is July 27.
How far can the market rise?
Regarding the movement of the market, Prashant Taapsee, Vice President, Mehta Equities said that the effect of the rise in the global market is visible here as well. There is still uncertainty in the market. In such a situation, investors should buy in value stocks. The effect of the softening of the Federal Reserve’s aggressive stance is visible on foreign investors and the pace of selling has slowed down a bit. So far in July, FPIs have sold 8847 crores from the stock market. The price of gas in the US has reached a two-month low, which has given support to the market. The first target for Nifty will be the level of 16501. After this it will move towards 17000.