Indian Indices Trade in Red, Petrol Prices at All-time Highs, and Top Stocks in Action

Tue, 22 May Pre-Open

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On Monday, share markets in India opened on a negative note and ended the day in red after a dull day of trading.

The BSE Sensex closed lower by 232 points to end the day at 34,616. While the broader NSE Nifty ended the day lower by 78 points to end at 10,516.

Among BSE sectoral indices, realty stocks fell the most by 3.1%, followed by pharma stocks at 2.6%. Sun Pharma and Dr Reddy's were among the top losers.

Top Stocks in Action Today

Glenmark Pharma share price is likely to be in focus oday after it was reported that the company received a ANDA (abbreviated new drug application) approval from the United States Food & Drug Administration (USFDA) for Colesevelam Hydrochloride tablets.

Ultratech Cement share price will be in focus today after it was reported that the company will acquire the cement business of BK Birla group's Century Textiles and Industries Ltd in an all-stock transaction.

Reportedly, shareholders of Century Textiles will receive one share of UltraTech for every eight shares held.

The enterprise value of Century's cement business is pegged at Rs 85.6 billion and UltraTech will absorb debt of Rs 30 billion.

Petrol and Diesel Prices Hit All-time Highs

Crude oil prices are in focus today as they are trading newar four-year highs. Last Thursday, Brent crude oil prices shot above US$ 80 a barrel. This is the highest level since 2014. In the past one year alone, oil prices have surged more than 50%.

Notably, this has influenced domestic fuel prices as well. With petrol and diesel prices across the country hitting all-time high levels.

Rising crude not only affects fuel prices in India but could threaten India's economic recovery.

As we wrote in a recent edition of The 5 Minute WrapUp...

• Fiscal revenues are at risk. Particularly if the government is forced to consider a cut in fuel excise duties due to a rally in oil prices. In recent times, a sharp jump in excise collections has helped indirect tax collections. Any risk to revenues and subsequent threat to the fiscal deficit target at 3.2% of GDP would require tighter spending cuts. central bank's scope for further rate cuts.
  
  Lastly, low crude prices were a positive growth impetus through higher discretionary incomes for households and lower input costs for manufacturers and farmers. Part of this benefit is likely to be eroded as retail fuel costs rise. As for corporations, expansion in gross margins caused by falling commodity prices is also likely to wane, pressurising profitability.

You can read the entire article here.

Richa Agarwal, editor of Hidden Treasure, tracks the oil and gas sector very closely. This is what she had to say about rising crude prices:

She believes it is a bearish sign for stock markets globally. At the same time, any market correction, will throw up interesting buying opportunities in small-cap stocks.

This is what she said...

• After hitting a low of US$ 30 per barrel in January 2016, prices have more than doubled to US$ 68 in April 2018.
  
  The recent news of Saudi Arabia wanting crude oil prices to touch US$ 100 per barrel doesn't help. The 2008 recession was preceded by crude oil touching US$ 150 per barrel. Any movement upwards can result in a possible downturn for the global market.
  
  While the Hidden Treasure team looks for long-term wealth creators, such macro situations can help to recommend such stocks at a bargain. The ones who keeps calm, when everyone else is losing their heads, will gain the most when the tide turns.

Note that crude oil prices have been witnessing a rising trend of late.

However, this is not good news from India's perspective.

US-China Trade War on Hold

The US trade war with China is on hold as both the countries have agreed to drop their tariff threats while they work on a wider trade agreement.

Steven Mnuchin and US President Donald Trump's top economic adviser, Larry Kudlow, said that the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future.

The above development follows trade war between the world's top two economies after Trump administration last week published a list of about 1,300 Chinese exports worth US$ 50 billion that could be hit by US tariffs because of Beijing's alleged theft of intellectual property and technology. China hit back with a levy 25% tariffs on imports of 106 US products, bringing the total to US$3 billion in retaliation to Trump's move to impose tariffs on steel and aluminium.

How the above discussion finally pans out remains to be seen. Meanwhile, we'll keep you updated on all the developments from this space.

Trade war or not, events like these cannot stop Sensex 100,000, but can lead to a 30% market crash in the near future. Read on for Tanushree's insights.

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

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