New Delhi: Sensex at Bombay Stock Exchange (BSE) has jumped by over 600 points or 1 percent in the early trading hours on Monday to hit a six-week high of 60,600 in line with Asian market peers as the market expects that the Federal Reserve may lower the pace of rate hike, set to be announced on coming Wednesday.
The good opening on Monday came in line with global markets as Nikkei and Japan and Hang Seng in Hong Kong were up by 1.6 percent and 0.9 percent respectively.
Analysts state that while Indian markets came under pressure in the first half of the calendar amid concern over high crude prices, inflation, interest rates, and geopolitical developments with regard to the Russia-Ukraine war, a stable crude oil price over the last couple of months has come as a big relief to Indian markets.
Brent crude prices had hit levels of $120 per barrel in June, while they have softened and remained stable under $100 per barrel over the last couple of months. On Monday, it was trading at $93 per barrel.