Tag: Brent Crude

  • Indian Rupee Slips to 94.95 as Brent Crude Approaches $100 Amid US-Iran Tensions

    Indian Rupee Slips to 94.95 as Brent Crude Approaches $100 Amid US-Iran Tensions

    The Indian rupee fell 21 paise to 94.95 against the US dollar on Wednesday, September 9, 2026. Rising crude prices and escalating US-Iran tensions pressured the rupee during early trading in Mumbai.

    The currency opened at 94.80 before touching 94.95 in the interbank foreign exchange market. Tuesday’s session ended at 94.74, marking an 18-paise decline against the American currency.

    Brent crude climbed 1.41% to USD 99.30 per barrel as tensions raised supply disruption concerns. The Strait of Hormuz remains a major concern for markets tracking global oil supply routes. Anuj Choudhary, research analyst at Mirae Asset Sharekhan, highlighted the pressure on crude prices. “Indian rupee opened lower on escalating geopolitical tensions and surge in crude oil prices,” Choudhary said.

    The analyst expects USD-INR to remain under pressure while crude prices continue moving higher. He expects the USD-INR spot rate to trade between Rs. 94.70 and Rs. 95.15. A weaker dollar could provide some relief if global risk sentiment remains fragile.

    The dollar index slipped 0.03% to 98.76, offering limited support for the rupee.

    Indian equities also opened sharply lower as investors reacted to rising oil and geopolitical risks. The Sensex dropped 500.25 points, while the Nifty declined 129.40 points during early trading. Higher crude prices could increase India’s import bill and intensify inflation concerns. Investors now await inflation data from India and the US for fresh monetary policy signals. Persistent oil pressure could keep the rupee, equities, and broader markets volatile in coming sessions.

  • MCX Gold Rises 0.77% to Rs 1,53,992 on Spot Demand, Brent Crude at $97.57

    MCX Gold Rises 0.77% to Rs 1,53,992 on Spot Demand, Brent Crude at $97.57

    Gold prices advanced on the Multi Commodity Exchange (MCX) on September 8, driven by robust spot market demand and supportive global cues. The October gold futures contract climbed 0.77% to Rs 1,53,992 per 10 grams, while silver futures for September slipped 0.96% to Rs 2,41,304 per kilogram.

    In the international oil market, Brent crude futures rose 0.59% to USD 97.57 per barrel, and US West Texas Intermediate (WTI) gained 1.64% to USD 92.98 per barrel.

    Market participants are closely watching the Federal Reserve’s next move. According to the CME FedWatch Tool, there is a 41.6% probability that the Fed will keep interest rates unchanged in September, while a 58.4% chance points to a rate hike.

    Domestic Gold Prices

    In the Indian bullion market, 24K gold rose by Rs 120 to Rs 1,55,350 per 10 grams, and 22K gold advanced by Rs 110 to Rs 1,42,400. Regional prices varied slightly: Mumbai and Kolkata quoted Rs 1,55,350, Delhi at Rs 1,55,500, and Chennai at Rs 1,55,670.

    US Gold Prices

    Gold prices in the US climbed on Tuesday as the US dollar weakened. Investors are now focused on upcoming inflation data, which could influence the Federal Reserve’s policy direction. Spot gold rose 0.6% to USD 4,429.89 per ounce, while US gold futures for December delivery traded at USD 4,475.10.

    Other precious metals also gained: spot silver added 1% to USD 66.78 per ounce, platinum rose 0.4% to USD 1,834.00, and palladium firmed 1% to USD 1,402.87.

    Key Levels to Watch

    Chris Weston, head of research at Pepperstone Group, noted that gold remains in a tug-of-war between buyers and sellers, with neither side showing enough conviction for a sustained directional move. Edward Meir of Marex added in a monthly note that gold is unlikely to fall sharply even if the central bank raises rates, emphasizing that market unease about Fed and Treasury signals matters more than the rate move itself.

    On MCX, gold faces support at Rs 1,51,750 and Rs 1,50,500, with resistance at Rs 1,53,850 and Rs 1,54,700. Silver has support at Rs 2,36,600 and Rs 2,35,000, and resistance at Rs 2,41,000 and Rs 2,44,000.

  • FTSE 100 Opens Lower as Oil Nears $100; Computacenter Profit Forecast Lifts Sentiment

    FTSE 100 Opens Lower as Oil Nears $100; Computacenter Profit Forecast Lifts Sentiment

    The FTSE 100 opened 16.06 points lower at 10,806.07 on Tuesday as investors awaited fresh direction from the European Central Bank’s interest rate decision and upcoming US inflation figures. Brent crude futures rose 1.75% to $98.70 per barrel, while US West Texas Intermediate (WTI) advanced 2.89% to $94.12 per barrel.

    Sterling traded at $1.3538 on Tuesday morning, up from $1.3516 at the London equities close on Monday. Against the euro, it slipped to €1.1624 from €1.1638.

    Gainers and Losers

    On the upside, Computacenter climbed 4.64% to 5,860p after upgrading its profit forecast for the second time this year. Auto Trader Group advanced 3.60% to 523.60p, while Antofagasta gained 1.51% to 3,957p. Croda International rose 1.50% to 3,312p, BP added 1.43% to 554.20p, and Glencore increased 1.42% to 612.40p.

    On the downside, HSBC Holdings fell 1.43% to 1,556.40p. Next declined 1.16% to 15,320p, while Whitbread dropped 1.02% to 2,324p. Games Workshop Group slipped 0.71% to 18,270p, Lion Finance Group lost 0.67% to 13,420p, and AstraZeneca edged 0.60% lower to 11,970p.

    Oil Nears $100 Per Barrel

    Oil prices have surged, nearing the $100 per barrel mark. Brent crude gained 1.75% to reach its highest level since July. Reports that Iran-backed Houthis attacked a Saudi energy plant have added fresh pressure on investors. Earlier today, Iran threatened new sanctions on tankers attempting to travel through the Strait of Hormuz.

    Computacenter Increases Profit Forecast

    Computacenter upgraded its profit forecast for the second time this year after its order backlog quadrupled in the last six months. The IT supplier expects to bring in no less than £380 million in pretax profit for the year, well above the previous consensus of £341 million. The order backlog reached a record £9.3 billion, up 323% year-on-year. The group, promoted to the FTSE 100 in the June reshuffle, hiked its dividend by nearly 15% to 27.1p.

    Funding Circle Lifts Profit Forecast

    The boss of Funding Circle has laid out plans for departure as the fintech lifted its profit forecast for the year ahead. Lisa Jacobs, who has led the firm since 2022, will step down as chief executive by no later than September 2027. Revenue jumped 50% to £138 million after loan originations swelled 43% to just over £1 billion. The firm expects profit to reach over £40 million for the year, upgraded from previous expectations of £35 million. Funding Circle also announced a fresh £25 million buyback, bringing total capital returned via buybacks to £100 million since March 2024.

    Global Market View

    In the US, Wall Street was closed on Monday for the Labor Day holiday. In Asia on Tuesday, Tokyo’s Nikkei 225 fell 1.7% to 65,269.33, while China’s Shanghai Composite rose 0.2%. Hong Kong’s Hang Seng declined 0.32%, and South Korea’s Kospi declined 0.58%. In India, both the Nifty 50 and the Sensex fell by 0.54% and 0.59%, respectively.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks involve risk. Always conduct your own research before investing.

  • Indian Rupee Slides 10 Paise to 94.66 Against US Dollar as Crude Oil Prices Surge

    Indian Rupee Slides 10 Paise to 94.66 Against US Dollar as Crude Oil Prices Surge

    The Indian rupee came under pressure in early trade on September 8, falling 10 paise to Rs 94.66 against the US dollar as rising crude oil prices and escalating tensions in the Middle East weighed on investor sentiment. The currency opened at Rs 94.49 at the interbank foreign exchange market before weakening to Rs 94.66.

    This decline follows a 13-paise fall on September 7, when the rupee closed at Rs 94.56 against the dollar.

    Crude Prices Add Pressure

    The latest drop in the rupee came as Brent crude prices climbed towards USD 98 per barrel. Brent futures rose 0.63% to around USD 97.61, driven by concerns over possible disruptions to oil supplies amid escalating US-Iran tensions. Typically, rising oil prices negatively affect the rupee due to India’s heavy reliance on imported oil, as any increase in the country’s import bill leads to higher dollar requirements.

    These developments have raised concerns regarding the transport of energy through the Strait of Hormuz, a critical route for oil shipments. According to Reuters, Brent crude was at about USD 97.49 per barrel on Tuesday.

    Markets Await Key Economic Cues

    Market participants are now watching upcoming inflation data from India and the US for clues about the direction of interest rates and currency markets. The US Federal Reserve’s September 16 policy meeting will also remain a key focus.

    The dollar index stood around 98.80, while analysts expect the rupee to remain range-bound if crude prices stay elevated but RBI support continues.

  • MCX Gold Rises 0.61% to ₹1,49,401 as Softer Dollar and Strait of Hormuz Hopes Boost Sentiment

    MCX Gold Rises 0.61% to ₹1,49,401 as Softer Dollar and Strait of Hormuz Hopes Boost Sentiment

    Gold prices climbed on the Multi Commodity Exchange (MCX) on August 6, buoyed by a softer U.S. dollar, lower oil prices, and growing optimism that the Strait of Hormuz may reopen soon after U.S. President Donald Trump pledged to reach an agreement with Iran.

    August gold futures rose 0.61% to ₹1,49,401 per 10 grams, while September silver futures advanced 0.23% to ₹2,28,115. Meanwhile, Brent crude futures slipped 0.11% to $79.32 per barrel, and U.S. West Texas Intermediate (WTI) edged down 0.20% to $75.07 per barrel.

    Domestic Gold Prices

    In the domestic market, 24K gold rose by ₹398 to ₹1,49,730 per 10 grams, and 22K gold advanced by ₹365 to ₹1,37,250. City-wise rates: Mumbai and Kolkata quoted ₹1,49,730, Delhi ₹1,49,860, and Chennai ₹1,47,060.

    U.S. Gold Prices

    U.S. gold prices extended gains for a fourth consecutive session, touching their highest level in seven weeks. A soft U.S. dollar and lower Treasury yields, combined with hopes of the Strait of Hormuz reopening, supported the rally. Spot gold rose 0.5% to $4,265.22 per ounce, while U.S. gold futures gained 0.5% to $4,324.60.

    Spot silver fell 0.1% to $62.02, platinum climbed 1.2% to $1,755.18, and palladium advanced 0.8% to $1,374.33, marking its third straight session of gains.

    Key Levels to Watch

    “The sharp rally came on building optimism that a diplomatic breakthrough in the Middle East is close to being finalised. This in turn would keep downside pressure on oil prices and reduce the need for central banks to raise rates, providing a clear tailwind for gold,” said Tony Sycamore, market analyst at IG.

    Sycamore added that a sustained break above the 200-day moving average could pave the way for a stronger recovery toward the $5,000 mark.

    On MCX, gold is currently trading in a broader range of ₹1,45,000 to ₹1,52,000 per 10 grams, with a narrower range of ₹1,47,000 to ₹1,50,000. Resistance is seen at ₹1,50,000; a breakout above this level could push prices toward ₹1,52,000. Internationally, COMEX gold faces immediate resistance at $4,320 per ounce. A break above this level could target $4,350.

  • FTSE 100 Opens 44 Points Higher as US-Iran Peace Hopes Lift Markets; BP and HSBC Earnings Surge

    FTSE 100 Opens 44 Points Higher as US-Iran Peace Hopes Lift Markets; BP and HSBC Earnings Surge

    The FTSE 100 opened 40.58 points higher at 10,898.28 on Tuesday, buoyed by signs of diplomatic engagement between the United States and Iran. The positive sentiment also lifted oil prices, with Brent crude futures rising 1.46% to $84.99 per barrel and US West Texas Intermediate (WTI) gaining 0.70% to $80.90 per barrel.

    Sterling edged lower against the dollar, slipping to $1.3423 from $1.3425 in the previous session, and fell to €1.1664 against the euro from €1.1669.

    Gainers and Losers

    Mining stocks led the gains, with Antofagasta climbing 3.10% to 3,793p. Babcock International Group advanced 2.66% to 1,177p, while BAE Systems also gained 2.66% to 2,200p. Anglo American rose 2.54% to 3,799p, Rio Tinto added 2.30% to 7,252p, and Endeavour Mining increased 2.22% to 3,595p.

    On the downside, Smith & Nephew plunged 5.76% to 1,128p, leading the decliners. Coca-Cola Europacific Partners fell 4.16% to 7,725p, while Admiral Group declined 2.00% to 3,726p. Next slipped 1.24% to 14,715p, Coca-Cola HBC eased 0.94% to 4,838p, and Games Workshop Group edged 0.57% lower to 19,120p.

    BP Doubles Profit

    BP more than doubled its second-quarter profits as higher oil and gas prices and stronger refining margins offset lower production. Underlying replacement cost profit rose to $5.7 billion from $2.4 billion a year earlier and $3.2 billion in the first quarter. Reported profit attributable to shareholders increased to $3.9 billion from $1.6 billion.

    Operating cash flow climbed 73% year-on-year to $10.9 billion, despite a $1 billion working capital build. Net debt was reduced to $22.3 billion from $25.3 billion at the end of March, slightly exceeding guidance.

    HSBC Beats Profit Forecasts

    HSBC announced a fresh $1 billion share buyback after first-half profit rose 23% and beat forecasts. The company reported pre-tax profit of $19.5 billion for the first six months of 2026, up 23% from a year earlier. Profit for the second quarter jumped 60% to $10.1 billion, beating the consensus estimate of $9.51 billion. The jump was flattered by the $2.1 billion Bank of Communications charge taken a year earlier.

    Travis Perkins Cuts Dividend

    Travis Perkins cut its dividend from 4.5p to 4p after the building materials firm warned of a slump in construction and price uncertainty. “The UK construction sector remains subdued with activity levels remaining depressed during the first half,” the company said. “Given wider geopolitical and macroeconomic events, building materials price inflation remains hard to forecast. Against this backdrop, the group remains focused on improving what lies within its control.”

    Travis Perkins posted a 1.8% drop in revenue for the first six months of the year to £2.3 billion. The stock is down 10% since the start of the year.

    Global Market View

    In the US, the Dow Jones rose 1.3%, the S&P 500 climbed 1.5%, and the Nasdaq jumped 2.1%. Lower oil prices, stronger US manufacturing data, and fading concerns about a hawkish Federal Reserve helped the S&P close near its record high.

    In Asia on Tuesday, Tokyo’s Nikkei 225 rose 0.32% to 63,957.53, while China’s Shanghai Composite gained 0.33%. Hong Kong’s Hang Seng declined 0.77%, and South Korea’s Kospi edged higher by 1.62%. In India, both the Nifty 50 and the Sensex fell by 1.18% and 0.39%, respectively.

    Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. This article is provided for informational purposes only and does not constitute investment advice. Always conduct your own research before making any investments.

  • FTSE 100 Surges 84 Points to 10,981.47 as Global Tech Rally Boosts UK Markets; Brent Oil Drops to $87.88

    FTSE 100 Surges 84 Points to 10,981.47 as Global Tech Rally Boosts UK Markets; Brent Oil Drops to $87.88

    The FTSE 100 opened 84.20 points higher at 10,981.47 on Friday, driven by a global rally sparked by strong Amazon earnings and a broad rebound in technology shares on Wall Street and across Asia. Meanwhile, Brent crude futures fell 1.29% to $87.88 per barrel, and US West Texas Intermediate (WTI) declined 1.71% to $82.16 per barrel.

    Sterling held steady at $1.3440, little changed from $1.3439 in the previous session. Against the euro, the pound edged up to €1.1678 from €1.1671.

    Gainers & Losers

    On the upside, Polar Capital Technology Trust surged 4.42% to 638.50p. NatWest Group gained 3.86% to 710.20p, while IMI advanced 3.53% to 3,050p. Anglo American climbed 3.36% to 3,851p, Antofagasta rose 3.21% to 3,823p, and Sainsbury (J) added 3.01% to 366.40p.

    On the downside, IG Group Holdings declined 6.80% to 1,590p. Pearson dropped 3.17% to 1,251.50p, while RELX slipped 1.65% to 2,631p. Unilever eased 1.43% to 4,780.50p, Reckitt Benckiser fell 0.87% to 5,254p, and London Stock Exchange Group edged 0.74% lower to 8,542p.

    Interest Rates Hit Housing Market

    The UK housing market’s summer slowdown extended into July as geopolitical uncertainty continued to pressure interest rates and energy prices. Annual house price growth slowed to 1.8% in July, down from 2.2% the previous month. The average price fell by £551.1 during the month to £277,542, according to the latest Nationwide house price index.

    IAG Shares Decline

    British Airways owner IAG dropped more than 4% to 419p after reporting a 16% decline in profit to €1.4 billion, hurt by soaring fuel prices following disruptions to the oil market from the Iran conflict. Mark Crouch, market analyst at eToro, noted the airline’s resilience: “Higher fuel prices, disruption linked to the Middle East conflict and lower-than-planned capacity all weighed on second-quarter profits, but strong demand for travel and disciplined cost control helped the group preserve one of the strongest margins in the sector. Clear skies are far from guaranteed, particularly if fuel prices remain elevated or geopolitical tensions intensify. However, with bookings holding up and shareholder returns continuing, IAG appears well positioned to keep flying above much of the industry’s turbulence.”

    Intertek Revenue Jumps

    Intertek reported a 6% rise in first-half revenue to £1.8 billion, driven by new acquisitions and strong performance in its corporate assurance business. Pre-tax profit climbed 14% to £145.5 million. Growth was fueled by a 10% revenue increase in the corporate assurance arm and a 6% rise in its health and safety division. Last month, the firm agreed to an £11 billion takeover by Swedish buyout firm EQT.

    Global Market View

    In the US, the Nasdaq surged 2.8% as tech stocks led a comeback, while the S&P 500 climbed 1.7% and the Dow added 1.2%. In Asia on Friday, Tokyo’s Nikkei 225 jumped 4.03% to 64,362.02, China’s Shanghai Composite gained 0.72%, Hong Kong’s Hang Seng advanced 0.12%, and South Korea’s Kospi edged higher. In India, both the Nifty 50 and the Sensex rose modestly.

  • Gold Prices Inch Higher on MCX as Fed Holds Rates; Brent Crude Slips Below $90

    Gold Prices Inch Higher on MCX as Fed Holds Rates; Brent Crude Slips Below $90

    Gold futures traded higher on the Multi Commodity Exchange (MCX) on July 30, despite a stronger U.S. dollar and rising 10-year Treasury yields, after the U.S. Federal Reserve decided to keep interest rates unchanged. August gold futures rose 0.26% to Rs 1,42,150 per 10 grams. In contrast, September silver futures declined 0.59% to Rs 2,16,200, while Brent crude futures fell 1.14% to $89.71 per barrel. U.S. West Texas Intermediate (WTI) crude also edged lower by 0.81% to $83.78 per barrel.

    According to the CME FedWatch Tool, market expectations for a September rate hike dropped to 63% from 81% before the Fed’s policy decision, reflecting a shift in sentiment after the central bank’s announcement.

    Domestic Gold Prices

    In the domestic spot market, 24-karat gold rose by Rs 82 to Rs 1,44,330 per 10 grams, while 22-karat gold advanced by Rs 75 to Rs 1,32,300. Prices remained consistent across major cities: Mumbai and Kolkata quoted Rs 1,44,330, Delhi Rs 1,44,480, and Chennai Rs 1,44,330.

    U.S. Gold Prices

    In the international market, gold prices edged higher on Thursday as investors assessed comments from Federal Reserve Chairman Kevin Warsh on inflation following the rate hold. Spot gold gained 0.3% to $4,076.29 per ounce, while U.S. gold futures for August delivery rose 1% to $4,073.60. Spot silver added 0.4% to $57.86 per ounce, palladium climbed 1.5% to $1,264.49, and platinum dipped 0.6% to $1,602.34.

    Key Levels to Watch

    Analysts noted that gold’s upward momentum was supported by a perceived lack of urgency from the Fed to raise rates. “I think the markets were surprised, and somewhat disappointed by Warsh and his general approach. He seemed kind of disengaged from the need to raise interest rates,” said Edward Meir, analyst at Marex. “The markets have gone up to fight inflation, but he doesn’t seem to be doing much, and so this has helped gold go up.”

    On MCX, gold is expected to find support at Rs 1,41,100 and Rs 1,40,400, with resistance at Rs 1,42,650 and Rs 1,43,300. Silver has support at Rs 2,15,500 and Rs 2,13,300, and resistance at Rs 2,20,000 and Rs 2,23,100.

  • FTSE 100 Opens Higher as Rolls-Royce Surges, Lloyds Launches £1B Buyback, and Oil Prices Climb

    FTSE 100 Opens Higher as Rolls-Royce Surges, Lloyds Launches £1B Buyback, and Oil Prices Climb

    The FTSE 100 opened 21.92 points higher at 10,930.33 on Thursday, as investors shifted focus to the Bank of England’s upcoming interest rate decision, largely ignoring a hawkish stance from the Federal Reserve and overnight losses on Wall Street. Brent crude futures rose 2.13% to $92.67 per barrel, while US West Texas Intermediate (WTI) advanced 1.47% to $85.70 per barrel.

    Sterling strengthened to $1.3352 from $1.3284 in the previous session, but fell against the euro to €1.1654 from €1.1673.

    Gainers & Losers

    On the upside, Rolls-Royce Holdings surged 4.03% to 1,435.60p. Aberdeen Group gained 2.19% to 243.20p, while Investec advanced 1.99% to 641.50p. Lloyds Banking Group climbed 1.75% to 113.30p, Croda International rose 1.58% to 3,271p, and Standard Chartered also added 1.58% to 2,191p.

    On the downside, London Stock Exchange Group fell 3.50% to 8,876p. Rentokil slumped 17.08% to 367.60p, while Reckitt Benckiser declined 0.96% to 5,348p. Games Workshop Group slipped 0.86% to 19,680p, AstraZeneca eased 0.59% to 13,056p, and Next plc edged 0.56% lower to 15,095p.

    Rentokil Shares Decline

    Rentokil shares plummeted after its CEO criticized the firm’s failure to meet its growth potential across multiple markets. The stock shed over 17% in early trade. Chief executive Mike Duffy stated the company is “not delivering on our growth potential in many of the markets we operate in, nor adequately benefiting from our scale.” The firm reported a 6.7% rise in group revenue for the first half of the year to $3.5 billion (£2.6 billion), with profit before tax growing nearly 10% to $263 million (£196 million). Duffy added, “Our focus is driving volume growth over short-term margin expansion, and this targeted redeployment of resources will enable us, over time, to accelerate organic growth, improve margins and free cash flow and deliver on the clear opportunity for shareholder value creation.”

    Rolls-Royce Shares Jump

    Rolls-Royce shares jumped on Thursday after the company raised its targets and posted a near 50% jump in operating profits for the first half of the year. The firm reported £2.5 billion in underlying operating profit for the first half, up 46% from the same period last year. It now expects to make £4.7 billion to £4.9 billion in underlying operating profit, up from its previous targets of between £4 billion and £4.2 billion. Chief Executive Tufan Erginbilgic, who has pushed through a sweeping overhaul of the aerospace and engineering group, said the company’s “transformation continues to deliver.” “We are demonstrating that Rolls-Royce is now a very different company to that of the past,” he said.

    Lloyds £1 Billion Share Buyback

    Lloyds Banking Group unveiled a £1 billion share buyback and a new four-year strategy after reporting stronger profit for the second quarter. Statutory pre-tax profit rose to £4.3 billion in the first half, from £3.5 billion a year earlier. Second-quarter profit of £2.3 billion beat the £2.1 billion expected by analysts. CEO Charlie Nunn said, “In the first half of 2026, we delivered sustained strength in financial performance, with continued income growth, improving operating leverage, strong credit performance, growing capital generation and increasing shareholder returns.” Guidance for the full year remains unchanged.

    Global Market View

    In the US, Wall Street fell after the Federal Reserve held interest rates. The Dow Jones fell 1,153 points, or 2.2%, while the S&P 500 lost 1.5% and the Nasdaq dropped 1.7%.

    In Asia on Thursday, Tokyo’s Nikkei 225 rose 0.71% to 61,867.43, while China’s Shanghai Composite dipped 0.62%. Hong Kong’s Hang Seng advanced 0.18%, and South Korea’s Kospi edged lower by 1.23%. In India, both the Nifty 50 and the Sensex rose by 0.15% and 0.066%, respectively.

  • Sensex Surges Over 860 Points, Nifty Nears 24,250 as Indian Markets Rally Ahead of Fed Decision; Crude Oil Prices Climb

    Sensex Surges Over 860 Points, Nifty Nears 24,250 as Indian Markets Rally Ahead of Fed Decision; Crude Oil Prices Climb

    Indian benchmark indices extended their winning streak on Wednesday, rallying ahead of the US Federal Reserve’s monetary policy decision. The Sensex soared 866.97 points, or 1.12%, to close at 77,632.89, while the Nifty gained 1.06% to finish just shy of the 24,250 mark at 24,241. The Bank Nifty also rose 450.30 points, or 0.79%, and the India VIX eased by 4.28%, indicating reduced market volatility.

    Oil Prices Rise on Middle East Tensions

    Crude oil prices climbed as renewed geopolitical tensions in the Middle East reignited concerns over global supply disruptions. Lower US crude inventories and expectations regarding OPEC+ production policy also supported the upward move. Brent crude futures jumped 3.78% to $87.42 per barrel, while US West Texas Intermediate (WTI) advanced 3.68% to $82.18 per barrel.

    Top Gainers and Losers

    Market sentiment remained stock-specific, with investors favoring financials, IT, metals, and FMCG counters. Jio Financial Services led the gainers with a nearly 5% rise, followed by strong buying in Hindustan Unilever, Infosys, Hindalco Industries, and Tata Steel, buoyed by optimism around earnings, consumption demand, and improving sector outlooks.

    On the downside, Adani Ports emerged as the top loser amid profit booking, while Mahindra & Mahindra also traded lower. Selling pressure was relatively limited, with Power Grid Corporation, Eicher Motors, and Bajaj Auto witnessing marginal declines as investors remained cautious ahead of key domestic and global market triggers.

    Fed Meeting in Focus

    The US Federal Reserve kicked off its two-day monetary policy meeting on Tuesday, July 28. The rate-setting Federal Open Market Committee (FOMC), which convenes eight times a year, is scheduled to announce its interest rate decision on Wednesday, July 29. The FOMC will assess key economic data, including inflation, economic growth, and labor market conditions, before deciding on the federal funds rate.

    This upcoming meeting will also be Kevin Warsh’s second Federal Reserve policy meeting, with the US central bank widely expected to keep interest rates unchanged. During its previous policy meeting, the Fed maintained the benchmark interest rate within the 3.5%–3.75% target range.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers are encouraged to conduct their own research before making any financial decisions.