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Sensex Continues Momentum; Realty Stocks Witness Buying
Thu, 6 Jul 01:30 pm

After opening the day marginally higher, stock markets in India have continued their momentum. Sectoral indices are trading on a positive note with stocks in the FMCG sector, realty sector and banking sector witnessing maximum buying interest.

The BSE Sensex is trading up 152 points (up 0.5%) and the NSE Nifty is trading up 43 points (up 0.4%). The BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index is trading up by 0.8%. The rupee is trading at 64.75 to the US$.

As per an article in the Economic Times, the government has set its eyes on cleaning up political funding in the country and is soon going to announce some measures to root out this problem.

Finance Minister Arun Jaitley told businessman and bankers that the government is looking at some major steps to be announced by which it wants to clean the entire political funding in India.

One shall note that there remain many loopholes that allow political parties in India to spend black money in their campaigning. And if the government is serious about cracking down on black money, it should be addressing these loopholes with utmost seriousness.

One of the measures to do the same is to bring political parties under the Right to Information Act.

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As Vivek Kaul states in one the editions of the Vivek Kaul's Diary:

  • If the political parties are brought under the ambit of RTI, they will have to function in a much more transparent way in comparison to what they do now. This would mean keeping proper records of where the funds to finance them are coming from. Also, cash donations to political parties need to stop. Payments need to be made through cheques or the various digital alternatives that are available.

If executed properly, the above measures will mean a big attack on the black economy and will slow down the generation of black money in the Indian economy.

Also, the above move can be much more fruitful than the recently conducted demonetisation exercise by the Modi government. This we say as the decision to demonetise high-denomination bank notes only attacked the stock of black money that was present during the exercise. It didn't do anything about its flow or future generation.

So, the execution of above proposals could prove a real victory over black money.

In the news from commodity markets, crude oil is witnessing buying interest today. Gains were seen after data from the American Petroleum Institute (API) showed US crude inventories fell 5.8 million barrels in the week to June 30.

However, concerns regarding the rising output from OPEC despite the planned cut capped the above gains.

Note that crude oil output is still increasing in the US, and the US is not a part of the OPEC production agreement.

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

Owing to the supply glut, 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.

One shall note that rising oil prices do not bode well for the Indian economy. This we say is because India is hugely dependent on petroleum imports. In fact, the share of petroleum imports for India has only increased over the years, as can be seen from the chart below:

India's Growing Dependence on Petroleum Imports

India is the world's third-largest oil consumer. And energy consumption in India is set to grow as our economy remains one of the few 'bright spots' in a slowing, aging world economy. And India could face a potent risk with a rise in crude oil prices. The only way out of this for India is to reduce its dependence on oil imports and achieve fuel-sufficiency.

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Jan 19, 2018 (Close)