The West Asia conflict involving Iran, the US and Israel has entered its third week, intensifying global energy concerns. Closure of the Strait of Hormuz has disrupted oil supplies, pushing prices above $100 per barrel.
The National Stock Exchange (NSE) too advanced by 200.40 points to settle at 25,241.25.
President Trump claims there is no inflation in the US, asserting that oil, food prices, and interest rates are down. Read more at Dynamite News
Australian shares are likely to open lower on Wednesday, tracking a dismal Wall Street session as a push for the impeachment of U.S. President Donald Trump heightens political risks, while falling iron ore and oil prices are set to hurt index heavyweights.
India’s oil minister Dharmendra Pradhan said on Monday global oil prices would ease if there is no further escalation of geopolitical tensions.
Extending yesterday’s rally, the benchmark BSE Sensex jumped over 200 points to record a new high of 36,747.87 in early trade today amid buying by domestic institutional investors and easing global crude oil prices.
The rupee collapsed to a lifetime low of 69.10 against the US dollar by plunging 49 paise in early trade today as rising crude oil prices deepened concerns about the country’s current account deficit and inflation dynamics.
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