Sensex Climbs on Rate Hike Optimism Amidst Middle East Skirmish

Sensex Climbs on Rate Hike Optimism Amidst Middle East Skirmish

VoM News Desk | October 11, 2023 | 12:27 PM IST | Breaking News | Follow on Google News

Sensex Climbs on Rate Hike Optimism Amidst Middle East Skirmish

Sensex Climbs on Rate Hike Optimism Amidst Middle East Skirmish

In the backdrop of ongoing optimism about future rate hikes and a belief that the Middle East skirmish will remain regionally contained, the Sensex and share market witnessed an upward trend on Wednesday.

Earnings season kicked off on Wednesday with major players like TCS, Delta Corp, Samhi Hotels, and Zaggle Prepared scheduled to declare their quarterly earnings. This will be closely watched by investors and analysts as it provides insights into the financial health of these companies.

Asian Stocks Follow Wall Street Amidst Rate Hike Expectation Shift

Asian stocks followed Wall Street’s lead, with traders scaling back expectations of Federal Reserve rate hikes. The market sentiment was bolstered by the anticipation of further stimulus measures from China, contributing to the overall gains in the region.

US equities experienced a positive trend as Wall Street reduced wagers on Federal Reserve rate hikes. Additionally, oil prices edged lower following a significant rally, driven by the containment of the Israel-Hamas conflict and Saudi Arabia’s commitment to ensuring market stability.

Oil Prices on the Rise Amidst Middle East Uncertainty

Oil prices exhibited volatility, with Brent crude rising 25 cents to $87.90 a barrel, and US West Texas Intermediate (WTI) crude also increasing by 24 cents to $86.21 a barrel. Investors grappled with the possibility of supply disruptions due to ongoing turmoil in the Middle East.

Tokyo’s Nikkei stocks index made gains following a positive performance on Wall Street, with semiconductor and blue-chip shares attracting buyers. The benchmark index increased by 0.60 percent, adding 189.98 points to reach 31,936.51. However, the broader Topix index experienced a slight drop, falling 0.19 percent, or 4.35 points, to reach 2,307.84.

Bank of Baroda Faces Share Price Decline After RBI Directive

Bank of Baroda’s stock price saw a decline of nearly 4% during the morning trading session on October 11. This drop followed a directive from the Reserve Bank of India (RBI), which instructed the bank to immediately halt customer onboarding on its ‘bob World’ mobile app. The stock began the trading day at ₹209.60, a decrease from the previous closing price of ₹214.20, and subsequently fell by 3.7% to reach an intraday low of ₹206.25 on the BSE.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.