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NEW DELHI: India's oil imports from Russia rose to a record of about 2.1 million barrels per day (bpd) in May as discounts for Russian oil widened on lower demand from China, according to trade sources and shipping data. That boosted Russia's share in the world's third largest importer and consumer to nearly 41% last month, the data showed. Meanwhile, supply from Saudi Arabia dropped to a 10-month low, the data showed, after Saudi Aramco hiked term prices for a second month in May. Refiners in India have been gorging on Russian oil, sold at a discount after some European nations shunned purchases from Moscow over its invasion of Ukraine in February 2022. Also, similar grades from regions mainly in the Middle East are costlier. India shipped in about 5.1 million bpd oil in May, a growth of about 5.6% from April, the data shows. India's Russian oil imports in May rose 14.7% from April and 5.9% from a year ago, the data shows. "Russian oil was available in plenty and at better discounts last month due to lower demand from China," said an official at one of the Indian refineries. Indian private refiners Reliance Industries and Nayara Energy, majority owned by Russian entities, have signed a term deal to buy Russian oil. In contrast, state-refinersIndian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum and Mangalore Refinery and Petrochemicals are buying Russian oil from the spot markets. Russia continued to be the top oil supplier to India, followed by Iraq and Saudi Arabia. Indian refiners shipped in 508,500 bpd Saudi oil in May, down 16.4% from April, and 1 million bpd from Iraq up 22.2% on month, the data showed. Also, last month Indian refiners received 176,000 bpd oil from the U.S., the data showed. Higher intake of Russian oil has been denting the share of the Middle Easter oil in India's crude mix and also that of oil producers cartel OPEC, the data showed.

Indian headline equity indices closed in the red on Friday, breaking their six-session gaining streak. They were dragged by index heavyweights Reliance Industries (RIL) and Larsen & Toubro. The 50-stock index ended at 23,501.10, down by 65.90 points or 0.28%. Nifty’s struggle to hold above the day’s opening range indicates that the bullish sentiments have gone sore on the Summer Solstice Day, said analyst Rahul Ghose, CEO of Hedgedin. The increased Call writing of the open interest (OI) at 23,600 and above levels, further indicates the resistance for the June monthly expiry around these levels, he said, adding that the PCR opened at 1.16 and dropped to 0.88 levels. This indicates a range-bound trade for the remaining June series, he added.What should traders do? Here’s what analysts said:Om Mehra, SAMCO SecuritiesNifty slid as it lacked momentum. It marked a new high of 23,667.10 during the session but settled at 23,501.10, shedding 0.28%. Nifty's struggle to hold gains after opening higher indicates a weakening momentum. A bearish candle has formed with the day’s high and opening level remaining almost identical.The 50-stock index breached the rising trendline on the hourly chart from the last swing low. The daily RSI stands at 60, slightly skewing towards the average line. The immediate support remains at 23,300, while resistance is placed near the 23,700-23,740 zone.Rupak De, LKP SecuritiesNifty has been hovering within the 23,300 to 23,600 range, indicating indecisiveness, which sets the stage for a very volatile monthly expiry. A decisive move above 23,600 might take the index towards 24,000 in the short term, whereas failure to hold above 23,300 might trigger panic in the market. Below 23,300, the Nifty might fall towards 22750 in the short term.Hrishikesh Yedve, Asit C. Mehta, Investment InterrmediatesNifty opened on a gap-up note, but was unable to sustain on higher levels and settled the day on a negative note at 23,501. Technically, on a daily basis, the index has formed a bearish candle. Moreover, the index wiped out all the weekly gains and settled the week on a flat note, indicating distribution at higher levels. As long as the index holds 23,330 levels, bullish momentum will continue, on the higher side, 23,700 and 23,800 will act as short term hurdles.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The Bombay High Court on Friday said that it will pass an order on habeas corpus petition seeking release of minor accused on June 25. The court reserved its order after hearing the arguments of both sides. The habeas corpus petition was filed by the minor’s aunt asking for his immediate release.While hearing the case, the HC said that the victims' families are in shock. But the juvenile who caused the accident, under the influence of alcohol, is in shock too. Naturally, this would have had an impact on his mind. 111010713The minor crashed a Porsche, killing two techies from Madhya Pradesh on May 19 under alleged influence of alcohol. The police have also requested for the 17-year-old juvenile to be treated as an adult. The final report submitted has documented evidence to show the seriousness of the juvenile’s actions. The boy is currently kept at an observation home in the city. 111100475Pune police arrested the parents and grandfather of the boy after finding several other offences, including attempts to erase evidence. They also arrested two doctors for replacing the boy’s blood samples with that of the mother. The boy’s samples were disposed of. All the arrested are currently in judicial custody.The Juvenile Justice Board had at first released the minor after asking him to work with the traffic police for 15 days and write a 300-word essay, which was followed by a public outrage demanding a stricter action.