Market Bizzz

Prices jumped by more than 6% on Monday after the Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, pledged voluntary production cuts.

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The softer-than-anticipated jobs data led to the markets tweaking its outlook for rate hikes. Markets are now pricing in a 59% chance of the Fed standing pat on interest rates at its next policy meeting in May, CME FedWatch tool showed. Markets were pricing in a 43% chance of Fed not raising interest rates a day earlier.

Gasoline inventories fell by about 4 million barrels, while distillate stocks fell by about 3.7 million barrels, according to the sources, who spoke on condition of anonymity because they were not authorised to speak to the media.

Trading in interest rate futures shows bets are now tilted toward a pause by the Fed in May, with odds of a 25-basis point rate hike at 42%, compared with nearly 60% before the data, according to CME Group’s Fedwatch tool.

chairman S M Vaidya said the company’s refineries clocked the highest-ever throughput of over 72.4 million tonnes in 2022-23, compared with 67.67 million tonnes in the previous fiscal year.

Goel, who has worked in senior positions in firms such as Daiageo and GE, is joining Byju’s at a time when the company is in the middle of renegotiating conditions for its $1.2-billion term loan B or TLB even as its FY22 financials are yet to be filed.

The stock has rallied over 30% so far in this quarter and also registered a fresh all-time high of 946.65. On the daily charts, the stock is comfortably trading above the 20 and 50-Day SMA (Simple Moving Average). It has also formed a higher bottom formation which is largely positive.