India has increased windfall taxes on exports of diesel and aviation turbine fuel (ATF) and lowered the levy on petrol exports, reflecting the recent rebound in global crude oil prices. Export duty on diesel has been raised to Rs 15.5 per litre from Rs 8.5 per litre, while the levy on ATF exports has been increased to Rs 14.5 per litre from Rs 7.5 per litre. The duty on petrol exports, however, has been reduced to Rs 2.5 per litre from Rs 4 per litre.
Government hikes windfall tax on diesel and ATF exports as Brent crude rallies; petrol duty reduced – Daily Market Update 16th July 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat to positive note.
- European equity markets, barring CAC, ended on a negative note.
- Majority of asian equity markets are trading in red.
- GIFT Nifty is up by 70 points, Nifty futures is likely to open around 24120 levels.
The benchmark Nifty index settled on a flat to positive note at 24078 spot level after adding 26 points to its previous closing values.
On the broader front, Mid cap index traded in line with the benchmark while Small cap index outperformed the benchmark as it gained 0.67%.
Performance on the sectoral front was mix. Among them, Nifty Cement index was the top performer, rose 1.79% closely followed by PSU Banks and Chemicals index that rose around 1% each. On the flip side, Nifty Metal index was the worst performer, down over 1%.
Technically, the benchmark Nifty index settled with an indecisive Doji candlestick within the confluence zone of its 50-day and 100-day EMA on daily charts. The broadening chart structure on the daily chart also points toward further consolidation as long as the index remains within 23800-24600 spot zone. Within the Broadening formation, cross and sustenance above 24330 spot zone could lead it towards 24600 spot level; conversely, a fall below 23960 spot might drag it towards 23800 spot level.
Derivatives Overview & Outlook
Yesterday, Banknifty, Finnifty and Midcapnifty futures moved north on short covering, shed 2%, 4% and 1.4% of open interest respectively. On the other hand, no significant changes was observed in Nifty futures on open interest as well as on price front.
On the sectroal front, Infrastructure, Oil & Gas and Pharma stocks witnessed maximum addition of long positions, whereas some short buildup was seen among FMCG, Power and Technology stocks.
On option front, both call writing along with some put writing was seen at multiple OTM strikes. Maximum positions are at 24200 CE and 23000 PE followed by 24000 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 736 Cr in the cash segment, bought index futures worth Rs 441 Cr and sold stocks futures worth Rs 1864 Cr. DIIs were net buyers in the cash segment to the tune of Rs 705 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24120-24300; Supports 23900-23700
Banknifty – Resistances 58200-58500; Supports 57400-57000
Finnifty – Resistances 26900-27000; Supports 26550- 26400
F&O stocks in ban today: Kaynes
Important Results Today: BHEL, BORORENEW, CEATLTD, HERITGFOOD, ITCHOTELS, JIOFIN, POLYCAB, TECHM & WIPRO
Disclosure
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