The markets opened with minor gains. Bank Nifty was in the red.
At 09:17 AM, the Sensex was up 56.95 points or 0.11 percent at 52332.52, and the Nifty was up 16.20 points or 0.10 percent at 15756.30. About 1486 shares have advanced, 390 shares declined, and 66 shares are unchanged.
Petrol, diesel rates at new highs
Fuel prices have been hiked again across the metros on Wednesday to new all-time highs, according to data from Indian Oil.
In Delhi, the petrol prices were hiked by 25 paise from Rs 95.31 per litre to Rs 91.56 per litre and diesel was increased from Rs 86.22 per litre to Rs 86.47 per litre. In Mumbai, the revised prices of petrol and diesel stood at Rs 101.76 per litre and Rs 93.85 per litre respectively.
In Chennai, pertrol is being retailed at Rs 96.94 and diesel at Rs 91.15 per litre. In Kolkata, petrol is available at Rs 95.52 and diesel at Rs 89.32 per litre.
World Bank slashes India growth
The World Bank on Tuesday slashed its 2021-22 GDP growth forecast for the Indian economy to 8.3 percent from 10.1 percent estimated in April, saying economic recovery is being hampered by the devastating second wave of coronavirus infections.
It projected a 7.5 percent economic growth in the 2022-23 fiscal (April 2022 to March 2023).
The Washington-based global lender, in its latest issue of Global Economic Prospects, said an enormous second COVID-19 wave in India is undermining the sharper-than-expected rebound in activity seen during the second half of fiscal year 2020-21, especially in services.
"India's recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic," the World Bank said.
The projected growth compares to the worst ever contraction of 7.3 percent witnessed in the fiscal year ended March 31, 2021 (FY21) and 4 per cent expansion in 2019-20.