Market on Election Result Day LIVE: Indian indices are likely to open positively on Wednesday in anticipation of the 5 state Assembly results to be declared today. The exit polls have suggested a favourable result for the Bharatiya Janata Party in 4 out of 5 states that includes the all-important state of Uttar Pradesh. Anything other than that could sour the market sentiments. The markets are also likely to get a boost from the fact that Ukraine is not seeking NATO membership anymore, and the Russians have assured that they are not looking to overthrow the Ukrainian government. These developments had a positive impact on the global market as shares in the US and Europe rose, while crude oil prices declined. In Asia, shares in Japan and Australia rose in early trade. However, if this is a temporary rebound or a permanent development is anybody's guess.
10 Mar 2022, 06:59:34 AM IST World shares rise, oil falls 13% on OPEC nation's pledge
Global stock markets rallied in Europe and North America on Wednesday after three straight days of selling, and oil prices retreated from the peaks scaled over the last week after the United Arab Emirates pledged to boost its oil supply.
Moscow accused the United States on Wednesday of declaring an economic war on Russia, and said it was considering a response to the U.S. ban on Russian oil and energy imports.
Russia's economy faces the gravest crisis since the 1991 fall of the Soviet Union after Western nations imposed sanctions on Russian companies, banks, individuals and its central banking system, following its Feb. 24 invasion of Ukraine.
But there were signs that the conflict could cool on Wednesday, as Russian Foreign Minister Sergei Lavrov arrived in Turkey for more diplomatic talks with his Ukrainian counterpart Dmytro Kuleba.
The MSCI world equity index, which tracks shares in 50 countries, was up 2.91% on the day at 3:30 p.m. EST (2030 GMT).
U.S. stocks surged on Wednesday, with the tech-heavy Nasdaq jumping over 3%, rebounding from several days of declines as oil prices pulled back sharply and investors gauged developments in the Ukraine crisis.
The Dow Jones Industrial Average rose 778.14 points, or 2.38%, to 33,410.78, the S&P 500 gained 123.57 points, or 2.96%, to 4,294.27 and the Nasdaq Composite added 493.33 points, or 3.86%, to 13,288.89.
Europe's STOXX 600 gained 4.68%.
In a rocky trading session, the international oil benchmark Brent crude settled 13.16% lower at $111.14. U.S. crude closed down 12.13% at $108.70 per barrel, its biggest one-day percentage decline since November 2021.
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