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Sensex Trades Marginally Higher; Realty Stocks Witness Buying
Thu, 30 Mar 11:30 am

After opening the day on a flat note, share markets in India witnessed choppy trades and are presently trading marginally higher. Sectoral indices are trading on a positive note with stocks in the realty sector and consumer durables sector witnessing maximum buying interest.

The BSE Sensex is trading up 83 points (up 0.3%) and the NSE Nifty is trading up 19 points (up 0.2%). The BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index is trading up by 0.9%. The rupee is trading at 64.94 to the US$.

Market participants in the global financial markets are keeping tabs on the Trump administration's legislative agenda and Federal Reserve officials statement on the frequency of interest-rate increases in FY17.

As per the news, the US House Republicans are considering to again pass the healthcare bill next week. This comes after President Donald Trump and Republican leaders in Congress said they would move on to issues like a tax overhaul. How the developments pan out remains to be seen in the coming week.

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On the interest rate hike front, Fed Bank of Boston President Eric Rosengren said that the central bank should be prepared to raise rates a total of four times in 2017. As per him, the policy-making Federal Open Market Committee (FOMC) should be ready to raise rates in June, September, and December, unless economic data push them off course.

Fed officials raised their benchmark lending rate by 25 basis points from 0.75% to 1% on March 17. While doing so, they projected three total hikes further this year.

The above projections have fueled volatility in global stock markets. The chart below indicates the performance of global market indices, the dollar, and gold between 14 December 2016 and 15 March 2017. This is the period between two consecutive fed rate hikes.

Stock Markets and Gold Rally, Dollar Tumbles

Stock Markets and Gold Rally, Dollar Tumbles

We doubt the Fed's capacity to further raise interest rates. As Bill Bonner wrote in one of the editions of Vivek Kaul's Diary...

  • You know our prediction: The Fed will never willingly lead interest rates to a neutral position.

    It can't. It has created a debt monster. It must feed this Frankenstein with easy credit.

Moving on to the news from the commodity markets... Crude oil is witnessing buying interest today. This is seen on the back of supply disruptions in Libya. The disruption meant curb in crude oil supplies and supported Brent crude oil prices well above US$ 50 a barrel.

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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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Jan 18, 2018 (Close)