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Will partial rollback of petrol price hike impact market?

Posted by sandhyaravii on May 24, 2012

That’s the joke going around on social network sites. As the rupee continues to see-saw, this hike is certain to burn a hole in the Aam Aadmis pocket.

The outrage over the latest and steepest ever rise of petrol prices by Rs 7.5 per litre has left the common man fuming, hoping that a partial rollback is considered. But investor sentiment remains subdued over expectations that New Delhi might soon take the more politically fraught step of raising diesel prices.

The BSE Sensex and NSE Nifty surged nearly 2% in late trade following a rebound in European markets and the rupee. Banking & financials, oil & gas, telecom and metals stocks led the rally. The Sensex rose 274.20 points to close at 16,222.30 while the Nifty closed at 4,921.40, up 1.77%.

The Indian rupee rebounded quite sharply, trading at 55.88 as against the US dollar when our market closed, rising 12 paise over previous close of 56 a dollar and 51 paise from a record low of 56.38 (that it touched today).

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