After opening the day in red, share markets in India have continued the downtrend and are presently trading below the dotted line. Sectoral indices are trading mixed with stocks in the metals sector and stocks in the power sector trading in red. While stocks in the consumer durables sector are trading in green.
The BSE Sensex is down by 160 points (down 0.5%) and the NSE Nifty is trading down by 50 points (down 0.5%). Meanwhile, the BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading down by 0.5%. The rupee is trading at 65.01 to the US$.
In the news from the commodity space, as per a leading financial daily, the Organization of the Petroleum Exporting Countries (OPEC) and Russia are working on a long-term deal to cooperate on oil supply curbs that could extend controls over world oil supplies by major exporters for many years to come.
As per the news, Saudi Crown Prince Mohammed bin Salman said that Riyadh and Moscow were considering extending an alliance on oil curbs that began in January 2017 after oil prices crashed.
Note that crude oil prices have been witnessing a rising trend of late. It hit its 28-month high level in November, as can be seen from the chart below, and is trading at similar levels presently.
However, this is not good news from India's perspective.
As we wrote in a recent edition of The 5 Minute WrapUp...
You can read the entire article here.
To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter
team. Their commentary tracks the developments in the global economy as well as stock, currency, and commodity markets.
In the news form the GST space, as per an article in the Economic Times, the goods and services tax (GST) collections dipped marginally for February to Rs 851 billion, with only 69% filing returns as on March 26.
The collection for January was Rs 889 billion at the last count.
The last date for filing GST returns is 20th of the successive months, but a significant number are still not filing by then. The total number of those registered for GST is now 1.05 crore.
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