Market Trade Update after day end of 1st July 2022
Nifty moved up 280 pts, up before closing somewhat 250+ pts from day's low of 15511
We missed touching 15900 today but still it was a great session climbing from a low of 15511 to a high of 15795.... From a doomsday scenario to a confident and rejuvenated mood Market
Everyone was asking why Reliance fell so much... never seen it falling 8% in a single day !!!???
My Response....
Govt has imposed a tax of Rs.13 per litre of diesel exported, Rs.6 per litre of petrol/ATF exported. Biggest hit is on Reliance Petroleum which exports 90% of its products.
This was coming because cheap Russian crude had more than doubled profits on exports of refined products.
Massive fall in reliance after today's news.
Reliance was used to manage the index yesterday since it was a monthly expiry and quarterly NAV management. They let it go today!!
Fin Min Says Govt Has Levied Taxes On Windfall Gains Made By Domestic Refineries Govt Levies 6/L Tax On ATF Exports, 6/L On Petrol Exports Govt Levies `13/L On Diesel Exports
#Reliance down 5%
#ONGC Down 5%
#MRPL Down 7%
#Chennai Petro 7%