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The rally came after Brent crude futures declined more than 4% to around $83 per barrel as investors cheered a preliminary agreement between the US and Iran that could pave the way for the reopening of the Strait of Hormuz, one of the world's most important oil shipping routes.
US President Donald Trump said the agreement would lead to the reopening of the Strait of Hormuz and the lifting of the US naval blockade.
The Strait of Hormuz handles roughly one-fifth of global seaborne oil trade. Any disruption to traffic through the route typically raises concerns over supply shortages and pushes crude prices higher.
A potential reopening of the waterway is expected to restore normal crude flows from the Gulf region, easing supply concerns and reducing pressure on oil prices.
Lower crude prices are generally positive for OMCs as they reduce input costs and support refining and marketing margins. Since domestic fuel prices do not always move in line with fluctuations in global crude prices, a decline in oil prices can improve profitability for fuel retailers.
Realty shares jumped after declining in the past two trading sessions.
At 11:25 IST, the barometer index, the S&P BSE Sensex advanced 213.70 points or 0.28% to 75,533.38 The Nifty 50 index added 69.45 points or 0.29% to 23,719.40.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.99% and the BSE 250 SmallCap Index jumped 1.25%.
The market breadth was negative. On the BSE, 2,641 shares rose and 1,142 shares fell. A total of 227 shares were unchanged.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 96.2750 compared with its close of 96.2000 during the previous trading session. It also touched an all-time intraday low of 96.3850 in early trade.
In the commodities market, Brent crude for July 2026 settlement declined $1.75 or 1.56% to $110.35 a barrel.
Fuel Hike
Fuel prices were increased again on Tuesday, with petrol and diesel rates rising by up to 90 paise per liter across major cities, marking the second hike in less than a week. The latest revision follows a sharp Rs 3 per liter increase announced on Friday.
In Delhi, petrol prices rose by 87 paise to Rs 98.64 per litre from Rs 97.77, while diesel prices increased by 91 paise to Rs 91.58 per litre from Rs 90.67.
In Mumbai, petrol prices climbed 91 paise to Rs 107.59 per liter, while diesel rose 94 paise to Rs 94.08 per liter.
Kolkata recorded the sharpest increase in petrol prices, which surged 96 paise to Rs 109.70 per liter. Diesel prices in the city advanced 94 paise to Rs 96.07 per liter. In Chennai, petrol prices increased by 82 paise to Rs 104.49 per litre, while diesel prices moved up 86 paise to Rs 96.11 per litre.
Buzzing Index:
The Nifty Realty Index rallied 1.99% to 766.95. The index declined 2.36% in past two consecutive trading sessions.
Aditya Birla Real Estate (up 3.19%), Prestige Estates Projects (up 3.12%), Lodha Developers (up 3.06%), Godrej Properties (up 2.99%), Anant Raj (up 2.2%), Sobha (up 1.58%), DLF (up 1.36%), Phoenix Mills (up 1.02%), Oberoi Realty (up 0.46%) and Brigade Enterprises (up 0.08%) surged.
Stocks in Spotlight:
Indian Oil Corporation (IOCL) added 2.96% after the company’s standalone net profit surged 56.61% to Rs 11,377.51 crore in Q4 FY26 compared with Rs 7,264.85 crore in Q4 FY25. Revenue from operations (excluding excise duty) rose 6.62% YoY to Rs 2,07,883.23 crore in Q4 FY26 as against Rs 1,94,967.02 crore reported in Q4 FY25.
Timken India advanced 1.57%. The company has reported 16.8% fall in consolidated net profit to Rs 158.31 crore despite a 14.5% increase in revenue to Rs 1,089.83 crore in Q4 FY26 as compared with Q4 FY25.
Global Market:
Asia markets traded mixed on Tuesday as oil prices, while elevated, eased slightly following news that President Donald Trump was postponing a scheduled attack on Iran.
Trump said in a social media post that U.S. military leaders were informed to call off a 'scheduled attack of Iran tomorrow” after requests from the leaders of Qatar, Saudi Arabia and the United Arab Emirates.
'A Deal will be made, which will be very acceptable to the United States of America, as well as all Countries in the Middle East, and beyond. This Deal will include, importantly, NO NUCLEAR WEAPONS FOR IRAN!,” Trump added.
However, Trump cautioned that he has informed his military leaders 'to be prepared to go forward with a full, large scale assault of Iran, on a moment’s notice, in the event that an acceptable Deal is not reached.”
Despite the fragile ceasefire between the U.S. and Iran, the vital Strait of Hormuz remains closed by Tehran, while the U.S. continues to blockade Iranian ports.
On the data front, investors assessed Japan’s first-quarter GDP data, which showed the economy grew at an annualized 2.1% in the first three months of the year. The growth was sharply higher than the widely reported average estimate of 1.7%, and against the 1.3% in the previous quarter. These figures do not capture the full impact of the Iran war, which started at the end of February.
A summit meeting between Japan’s Prime Minister Sanae Takaichi and South Korea’s President Lee Jae Myung later today will also be in focus.
Overnight on Wall Street, the \Nasdaq Composite and the S&P 500 fell on Monday, bogged down by declines in technology, as traders monitored oil prices and bond yields while awaiting further developments with the conflict in the Middle East.
The broad market benchmark dropped 0.07% to end at 7,403.05, while the tech-heavy Nasdaq slid 0.51% and closed at 26,090.73. It was the second straight day of declines for both indexes. The Dow Jones Industrial Average closed up 159.95 points, or 0.32%, at 49,686.12.
For the full year,net profit rose 209.58% to Rs 42096.26 crore in the year ended March 2026 as against Rs 13597.84 crore during the previous year ended March 2025. Sales rose 3.47% to Rs 784415.43 crore in the year ended March 2026 as against Rs 758105.81 crore during the previous year ended March 2025.
Petrol and diesel prices were increased by around 90 paise per litre. The move follows Friday’s fuel price hike of up to Rs 3 per litre.
The consecutive hikes are expected to support the margins of oil marketing companies, which have been under pressure due to elevated crude oil prices.
Global oil prices have remained firm amid geopolitical tensions in West Asia and disruptions around the Strait of Hormuz, a key route for global oil shipments.
Crude prices have largely stayed above the $100-per-barrel mark after crossing the level earlier this year.
Revenue from operations (excluding excise duty) rose 6.62% YoY to Rs 2,07,883.23 crore in Q4 FY26 as against Rs 1,94,967.02 crore reported in Q4 FY25.
Profit before tax jumped 74.38% to Rs 15,322.37 crore in Q4 FY26, up from Rs 8,786.72 crore reported in the same period a year ago.
Domestic sales increased 5.95% to 26.065 million metric tons (MMT), while export sales fell 4.91% to 1.278 MMT in Q4 FY26 over Q4 FY25.
During the quarter, the refineries' throughput was 19.732 MMT (up 6.38% YoY), and the pipelines' throughput was 27.656 MMT (up 7.28% YoY).
The company's revenue from petroleum products stood at Rs 2,17,363.37 crore (up 6.69% YoY), income from petrochemicals revenue was at Rs 8,010.80 crore (up 10.86% YoY), and revenue from gas stood at Rs 11,377.27 crore (up 1.67% YoY) during the period under review.
On the margins front, the operating margin improved to 6.67% in Q4 FY26, as compared to 4.44% in Q4 FY25. Similarly, net profit margin increased to 4.89%, up from 3.34% in the corresponding quarter of the previous fiscal year, indicating improved operational performance.
The board has recommended a final dividend of 12.5% for FY2025–26, i.e., Rs 1.25 per equity share of face value Rs 10 each. The final dividend would be paid within 30 days from the date of declaration at the AGM. The record date for payment of final dividend.
The board of IndianOil has approved the formation of a 50:50 joint venture company in India with M11 Energy Transition for setting up a 100 KTPA HEFA-based Sustainable Aviation Fuel (SAF) project at Paradip, at an estimated cost of Rs 1,063.60 crore (±30%), subject to approvals from NITI Aayog, DIPAM and other authorities.
Indian Oil Corporation is a Maharatna PSU under the Government of India, with operations spanning the entire hydrocarbon value chain, including refining, pipeline transportation, and marketing of petroleum products, as well as exploration and production, natural gas, and petrochemicals.
Hindustan Petroleum Corporation Ltd fell 0.73% today to trade at Rs 396.5. The BSE Oil & Gas index is down 0.09% to quote at 27718.9. The index is up 8.46 % over last one month. Among the other constituents of the index, Indian Oil Corporation Ltd decreased 0.44% and Petronet LNG Ltd lost 0.12% on the day. The BSE Oil & Gas index went up 3.64 % over last one year compared to the 3.34% fall in benchmark SENSEX.
Hindustan Petroleum Corporation Ltd has added 19.64% over last one month compared to 8.46% gain in BSE Oil & Gas index and 4.6% rise in the SENSEX. On the BSE, 56782 shares were traded in the counter so far compared with average daily volumes of 3.34 lakh shares in the past one month. The stock hit a record high of Rs 508.45 on 05 Jan 2026. The stock hit a 52-week low of Rs 316.2 on 23 Mar 2026.