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Indian Indices Hit Fresh Record High; Metal Sector Up 3.6%
Fri, 26 May 11:30 am

Stock markets in India have continued their momentum and are presently trading on a positive note. Sectoral indices are trading on a positive note with stocks in the metal sector and consumer durables sector witnessing maximum buying interest.

The BSE Sensex is trading up 206 points (up 0.7%) and the NSE Nifty is trading up 53 points (up 0.6%). The BSE Mid Cap index is trading up by 1.2%, while the BSE Small Cap index is trading up by 1.3%. The rupee is trading at 64.58 to the US$.

After witnessing a strong rally in yesterday's trade, Indian share markets have continued their momentum today and are presently trading on a positive note.

The rally had led domestic share markets to trade at their lifetime highs.

Most of the recent buying interest in domestic share markets is seen on the back of quarterly result announcements, proposed good rainfall this monsoon season, and positive cues from global financial markets.

However, more than fundamentals, it's liquidity driving the markets and valuations. As we stated in a recent The 5 Minute WrapUp...

  • One must note that currently, in most of the cases, it is liquidity driving the valuations, and not fundamentals. And this is exactly the time when one must allow fear to substitute greed.

    Also, this is precisely the time when it is most difficult to overpower greed and stay disciplined.

Among all this hoopla, we would remind you to focus on the fundamentals and long term moats of companies before deciding to invest in them.

The ongoing rise in Indian share markets also brings us to the question of how can one make money in a rising market, with little support from earning trends?

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We 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 irrespective of the macro environment.

With respect to which super investors to follow, my colleague Kunal and Rohan have could be of great help courtesy their project, The Superinvestors of India.

To know more about these superinvestors and their stock picking approach, download a free copy of - The Super Investors Of India.

In the news from commodities markets, crude oil is witnessing selling pressure today.

Losses for the commodity came after an agreement by the Organisation of Petroleum Exporting Companies (OPEC) to extend existing supply curbs disappointed investors expecting larger cuts.

During their meet in Vienna yesterday, the OPEC and some non-OPEC producers agreed to extend supply cuts of 1.8 million barrels per day until the end of the first quarter of 2018.

While the supply cuts were highly anticipated, oil market investors had expected more longer or deeper cuts to drain the supply glut of oil. This disappointment meant losses for crude oil.

Apart from the above losses, crude oil has been witnessing volatility recently over Donald Trump's proposal to sell half of the country's strategic oil reserves.

Rise and Fall in Crude Oil Prices Over the Fortnight

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.

In the news from global financial markets, Moody's ratings agency today reported that China's structural reforms will not be enough to arrest its rising debt. It also said that another credit rating downgrade for the country is possible unless it gets its ballooning credit in check.

The above comments come days after Moody's Investors Service downgraded China's sovereign ratings on Wednesday by one notch to A1.

This came as the agency expects the financial strength of the world's second-largest economy to erode in coming years as growth falters and debt continues to rise.

Many economists are of the view that continuing stimulus measures by the central bank are masking the deeper problems of industrial overcapacity and high levels of corporate debt in China.

However, despite the above concerns, one of the issues of Vivek Kaul's Inner Circle (requires subscription) states that there are plenty of legs left for the dragon economy. The issue points out some positive signs emerging in the Chinese economy, without undermining the longer-term risks and challenges.

Regarding stock markets, many participants are worried that China and its slowing economy will bring more concerns for Indian markets. However, a crash can be an ideal time to bet on solid Indian companies that are well-shielded from any adverse developments in China. In our view, these companies can turn into bargain buying opportunities.

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

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