Rush Hour: Markets rally, oil prices fall after US-Iran deal, wholesale inflation at 9.6% and more
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Stock markets across the world rose sharply on Monday and global oil prices fell after the United States and Iran reached a deal to end the war in West Asia, and reopen the Strait of Hormuz. The agreement is expected to be signed in Switzerland on Friday.
The benchmark Brent crude fell by 4.9% to $83.3 per barrel on Monday. The price of Brent was $78 per barrel on February 27, a day before the conflict started. It had reached a high of $114 per barrel on May 4.
Indian benchmark stock indices ended the trading session on a strong note. The Sensex and Nifty had risen nearly 1% by the time the session ended. During early trade, the Nifty briefly reclaimed the 24,000-level after 20 days. Read on.
The wholesale price inflation in India jumped to 9.6% in May from 8.2% in April amid a spike in global fuel prices triggered by the conflict in West Asia. The wholesale price index-based inflation in fuel and power spiked to 30.3% in May as compared to 24.8% in the previous month. The inflation in crude petroleum and natural gas was 61.5% in May, up from 56.3% in April.
The wholesale inflation data released by the Ministry of Commerce and Industry on Monday was...