Guwahati: Sensex on Wednesday zoomed more than 600 points in the initial trade following the government’s decision to slash windfall taxes on crude and fuel exports.

The gains were led by the oil marketing companies. Reliance Industries Limited, Tech Mahindra, and ONGC were the top gainers.

At 10 am, the 30-share Bombay Stock Exchange index was trading at 55426.06, up by 658.44 points, while the Nifty was trading at 16531.10 points, up by 190 points.

The government on Wednesday, July 20, 2022, slashed the windfall tax on petrol, diesel, jet fuel, and crude oil following a decline in international rates.
It scrapped an Rs. 6 a litre tax on the export of petrol and reduced the same on aviation turbine fuel (ATF) from Rs 6 a litre to Rs 4.
Meanwhile, the rupee on Tuesday fell below the psychological level of 80 to 80.05 against the US dollar intra-day amid tightening monetary conditions and risk-off sentiments as well as persistent outflows from domestic markets.
The rupee traded neutral to range-bound between 79.85-80.05 and closed at 79.95 against the dollar on Tuesday.