The benchmark Nifty continued to hold the 5500-mark today, supported by oil & gas, metal, capital goods, financial and select technology companies' shares. However, the selling in ITC, Wipro, HUL, Hero Honda, Reliance Infrastructure and Reliance Communications has capped the upside at 12:27 hours.
Fuel reforms and falling crude price are positive for India equities, says Nandan Chakraborty of ENAM.
Government has hiked diesel prices by Rs 3/litre, cooking gas by Rs 50/cylinder and kerosene by Rs 2/litre on Friday.
Government also removed customs duty on crude oil and customs duty on petroleum products by 5%. It cut down excise duty on diesel by Rs 2.6/litre. ONGC and BPCL rallied nearly 5% each.
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