Indian markets tracked multiple macro triggers on Thursday morning as the government reportedly halved export duty on fuel products, boosting sentiment in the energy space.
The Indian rupee strengthened against the US dollar, trading at 94.92, up 0.08%, while the dollar-rupee benchmark hovered around 94.91, reflecting continued strength in the domestic currency.
In the commodity market, crude oil emerged as the biggest gainer, rising 2.87% to ₹8,519 per barrel on MCX, following the government's decision to reduce export duty on fuel products by 50%. The move is seen as positive for refining and oil marketing companies.
Among commodities:
- Gold MCX declined 0.58% to ₹1,54,680
- Silver MCX gained 0.21% to ₹2,67,550
- Crude MCX surged 2.87% to ₹8,519
Oil-linked stocks traded with a positive bias:
- IOC rose 0.54% to ₹141
- BPCL traded around ₹298.10
- HPCL remained largely unchanged at ₹393.85
The rally in crude prices, combined with a stronger rupee and lower fuel export duties, kept energy and commodity counters in focus during early trade, while precious metals witnessed mixed movement.
