The Sensex opened in the red but managed to erase early losses on the back of buying in index pivotals. The index touched a high of 18,494 in afternoon trades. However, it pared some gains and was up 184 points at 18,424. Nifty was up 63 points at 5,535.
On Friday after market hours Empowered Group of Ministers decided to take a bold step of raising diesel prices by Rs 3 per litre, kerosene by Rs 2 per litre and cooking gas by Rs 50 per cylinder which may boost oil market companies.
However, diesl and cooking coal price hike may further stoke inflation and prompt the Reserve Bank of India to continue with its tightening regime. Analysts said this development will weigh on the markets going forward.
On Friday after market hours Empowered Group of Ministers decided to take a bold step of raising diesel prices by Rs 3 per litre, kerosene by Rs 2 per litre and cooking gas by Rs 50 per cylinder which may boost oil market companies.
However, diesl and cooking coal price hike may further stoke inflation and prompt the Reserve Bank of India to continue with its tightening regime. Analysts said this development will weigh on the markets going forward.
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