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Indian Indices Trade in the Green; Banking Sector Up 2%
Thu, 4 May 01:30 pm

After opening the day on a positive note, Indian share markets have continued their momentum and are presently trading in the green. Sectoral indices are trading on a mixed note with stocks in the banking sector and consumer durables sector leading the gains. Realty stocks are trading in the red.

The BSE Sensex is trading up 178 points (up 0.6%) and the NSE Nifty is trading up 26 points (up 0.3%). The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.4%. The rupee is trading at 64.22 to the US$.

Buying interest in the Indian share markets is seen as the Cabinet has approved the NPA package and new steel policy today.

The NPA package includes an ordinance to empower the Reserve Bank of India (RBI) to more effectively deal with bad assets. The move will mean RBI cleaning up the balance sheets of banks that have been burdened with bad debts for long.

The development comes just in time with the total NPAs of banks mounting to Rs 6.1 trillion as of February 2017. The NPAs have been the highest in the public-sector banks (PSBs) thereby being a major drag on their financials.

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For the steel sector, the Cabinet has approved the National Steel Policy 2017. The policy projects crude steel capacity of 300 million tonne (MT) and production of 255 MT. It also estimates the finished steel per capita consumption of 158 kg by 2030-31. This is as against the current use of 61 kg.

The policy aims at meeting the entire demand of high-grade automotive steel, electrical steel, special steels and alloys for strategic applications. It aims at increasing domestic availability of washed coking coal so as to reduce import dependence on coking coal from around 85% to around 65% by 2030-31.

The above developments bode well for steel companies as they'll boost the sales and relieve the burden of debt-laden companies in the sector.

The above news fueled buying interest for companies trading in the steel sector such as JSW Steel, Jindal Steel, SAIL, and Tata Steel.

The above events coupled with the ongoing earnings season has fueled the ongoing rally seen in domestic markets today.

This brings us to the question of how can one make money in a rising market?

I believe a few super investors could provide the clue. These are the guys who've beaten the markets black and blue and have an eye for multi bagger stocks.

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Moving on to the news from the commodity markets... Crude oil is witnessing selling pressure today. This is seen as data showed a lower than expected decline inventories.

The above losses are followed by the declined seen in crude oil prices during the start of this week after a recovery in Libyan output and rising US supplies.

The above developments have raised concerns of an oversupply and weighed on crude oil prices.

Oversupply Concerns Drag Crude Oil Lower

The above oversupply is seen despite major oil producers agreeing to cut production by 1.8 million barrels per day for the first of 2017. As a result, market participants are now worried that OPEC-led production cuts may not significantly tighten the rising inventory supplies.

All eyes are now set on the upcoming meet between the OPEC and participating non-OPEC countries which is scheduled for May 25th to discuss whether to extend the curbs in oil production in the second half of this year.

More production cuts will mean curb in crude oil supplies and support Brent crude oil prices.

One shall note that crude oil prices have been remarkably silent over the last two years. Prices have remained within a tight range, rarely dropping below US$40 or rising above US$60. Volatility has crashed. And if you are trading crude oil, it's critical to understand why this has occurred.

One of the issues of Vivek Kaul's Inner Circle (requires subscription) explains what has triggered the above taming in crude oil prices.

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!

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Mar 22, 2018 11:47 AM