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HomeCURRENT AFFAIRSBUSINESSStock Market Today: SGX predicts an even to upbeat start; US and...

Stock Market Today: SGX predicts an even to upbeat start; US and Asian markets rise

Stock Market Today: The larger Indian index has gained 50.50 points, or 0.30 percent, according to trends on the Singapore Exchange Nifty. On the Singapore Exchange, the Nifty futures were trading around the 17,075 mark.

Government cuts windfall gains tax on crude oil production

According to a notification issued by the Centre late on March 20, the windfall gains tax on domestic crude oil output has been decreased from Rs. 4400 per tonne to Rs. 3,500 per tonne.

Although the government has slightly raised the export charge on diesel to Rs 1 per litre from Rs 0.50, there is still no export tax on either gasoline or aviation turbine fuel (ATF). On March 21, the new tariff will go into effect.

Oil prices stabilize as banking deal eases some worries about crude appetite

Due to market concerns that recent issues in the banking sector would have a negative impact on the global economy and reduce demand for crude, oil prices fell early in the previous session before stabilising on Tuesday.

By 00:49 GMT, the price of Brent crude futures for May settlement had increased by 5 cents to $73.84 per barrel. West Texas Intermediate (WTI) oil futures in the United States increased 9 cents to $67.73 a barrel. Both Brent and WTI dropped by around $3 per barrel in the previous session before ending the day higher.

Stock Market Today: Gold prices ease as market focus turns to US Fed meeting

Tuesday saw a little decline in gold prices as investors anticipated the Federal Reserve policy meeting in light of growing speculation that it would decide to hold off on raising interest rates due to the turmoil among banks.

As of 00:44 GMT, spot gold was down 0.1% at USD 1,977.69 per ounce. US gold futures also decreased by 0.1% to $1,981.30.

Stock Market Today: FII and DII data

Foreign institutional investors (FII) sold shares worth Rs 2,545.87 crore, whereas domestic institutional investors (DII) bought shares worth Rs 2,876.64 crore on March 20, the National Stock Exchange’s provisional data showed.

Also Read: BMW CE 04: BMW electric scooter showcased in India, could launch soon as the most expensive electric scooter

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