Stock Market Opening: Shares of oil companies rises from reducing tax on petrol-diesel exports, Sensex crossed 55 thousand

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Stocks of oil companies ran like a rocket on Wednesday morning after the central government cut additional taxes on petrol-diesel and air fuel. Due to this the market gained momentum since morning and the Sensex again crossed the level of 55 thousand after about two months. The Sensex opened with a strong gain of 718 points in the morning at 55,486 and started trading, while the Nifty rose 222 points to open at 16,563 and started trading. Investors started buying fiercely after seeing the early gains in the market, due to which the Sensex was trading 550 points higher at 55,350 at 9.28 am, while the Nifty had crossed 16,500 with a strength of 170 points.

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Today these companies bet fiercely
As soon as the investors heard the news of reduction of tax on fuel exports by the government this morning, the shares of companies like Reliance, ONGC fell on the shares. Today stocks of companies like Reliance, IndusInd Bank, Tech M, Tata Steel, Infosys, Titan are showing a jump of up to 2.7 percent and these shares have come in the list of top gainers. ONGC stocks see a rise of 5% On the contrary, there is heavy selling in the shares of a company like HUL since this morning. The stock of this company was trading down 0.6 percent, making it one of the top losers. In today's trading BSE Midcap and Smallcap are also showing strong gains of 0.9 percent.

Oil and gas sector took off
Looking at today's business sector-wise, Nifty IT and Oil and Gas Sector stocks have made a big gain since the beginning. The maximum growth of 1.8 percent is visible in these two sectors. Apart from this, there is a boom in other sectors as well, which is in the range of 1 percent. The shares of Rallis India are down 2 per cent, while the shares of Oil India have climbed 7 per cent. Apart from this, the stocks of refinery companies like MRPL and CPCL are also showing a rise of 5 to 9 percent.

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Asian market also on green mark
Most of the markets in Asia opened with an increase this morning and are trading on the green mark. The Singapore Stock Exchange is trading at a gain of 0.84 per cent, while Japan's Nikkei has gained 2.16 per cent. Taiwan's stock market is up 1.16 percent, while South Korea's Kospi is trading at a jump of 1.08 percent. China's Shanghai Composite is still on a weakness of 0.01 percent.