The Indian market rose after a subdued start on Monday, as the government's move to increase fuel prices cheered investors.
The government raised diesel, kerosene and domestic cooking gas prices by Rs3 per litre, Rs2 per litre and Rs50 per cylinder, respectively after market hours on Friday, a move that eased the subsidy burden and bolstered the image of the government among foreign investors.
A further drop in global crude prices is also supporting sentiment. Crude futures for August delivery are currently down about half a percent at $90.68 a barrel, pressured by a stronger dollar and concerns about the U.S. economy.
Meanwhile, the other Asian markets, barring China, are edging lower after global regulators raised the capital adequacy requirements for the world's biggest lenders and Moody's said it had put the ratings of 16 Italian banks on review for a possible downgrade.
Reversing an early loss, the benchmark 30-share Sensex is currently trading near the day's high at 18,405, up 164 points or 0.9 percent from its previous close, while the broader Nifty index is adding 53 points or a percent.
Second-line stocks are also following suit and the market breadth is extremely positive, with gaining shares outpacing declining ones in the ratio of about 3:1 on the BSE.
State-run oil marketing companies are among the prominent gainers after the government raised diesel, kerosene and LPG prices and removed five per cent customs duty on crude oil and other petroleum products. BPCL is climbing 6.3 percent, HPCL is up over 5 percent and IOC is adding 4 percent.
State-owned explorer ONGC is leading the gainers in the Sensex pack, climbing 6.4 percent. Among the other top gainers, HDFC Bank, Jindal Steel, Jaiprakash Associates, BHEL, Hindalco, Larsen & Toubro, Cipla, HDFC, Tata Steel, DLF, Bajaj Auto and Mahindra & Mahindra are rising between 1 percent and 3.3 percent.
Tata Motors is edging up 0.3 percent after the company introduced the Tata Nano in Nepal at an introductory price of NRS 7.98 (almost Rs.5 lakh). Bharti Airtel is rising 0.7 percent after the telecom giant said it plans to undertake a restructuring exercise that will merge three separate businesses.
State Bank of India is gaining half a percent on fund raising reports. City Union Bank is adding a percent after the private sector lender received board approval to raise up to Rs.300 crore via a qualified institutional placement.
Lanco Infratech, which is facing a AUD$3.5 billion lawsuit in Australia, is up almost 4 percent after the company said Perdaman has not filed a statement of claim in the Supreme Court of Western Australia explaining the basis for its claim. Jyoti is up 1.2 percent after the company secured an order worth Rs.43 crore from IVRCL, Hyderabad.
BASF India is up half a percent on receiving board approval to acquire the business of Cognis Specialty Chemicals Pvt in India for a lump sum consideration of Rs 13.4 crore ($2.9 million).
TTK Prestige is declining 0.8 percent after it completed the process of land acquisition in Gujarat where it is setting up new manufacturing facilities. Aviation stocks such as Kingfisher and Jet Airways are moving down between 0.2 and 1.6 percent on profit taking after rising sharply in the previous session.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.