Nifty Reclaims 10,000 Mark; Realty & Metal Stocks Witness Buying

Wed, 26 Jul 01:30 pm

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After opening the day marginally higher, stock markets in India have continued their momentum. Presently, they are trading near their all-time high levels.

Sectoral indices are trading on a positive note with stocks in the realty sector and metal sector witnessing maximum buying interest.

The BSE Sensex is trading up 119 points (up 0.4%) and the NSE Nifty is trading up 37 points (up 0.5%). The BSE Mid Cap index is trading up by 0.4%, while the BSE Small Cap index is trading up by 0.6%. The rupee is trading at 64.40 to the US$.

Indian indices are scaling new highs of late. And there's a flood of liquidity pouring into Indian stock markets in search of higher returns.

One of the key factors behind the above flow of liquidity is the downward trend in interest rates. And the demonetisation drive last November accelerated this trend. Indian banks were flushed with liquidity. At the same time, credit offtake was poor. This forced them to cut interest rates on deposits.

Interest rates are a key macroeconomic variable that influence the economy. From a recent premium edition of The 5 Minute WrapUp (subscription required)...

• Interest rates are a key macroeconomic variable that have far-reaching consequences on economic growth, corporate profitability, and how people invest their money.
  
  As a thumb rule, lower interest rates aid corporate profitability as businesses pay lower interest on their borrowings. On the other hand, declining interest rates mean lower earnings on fixed deposits for investors and savers.
  
  Both of these effects of lower interest rates have a positive impact on stock markets.

One must note that the above rise in Indian stock markets has also led many stocks to trade at expensive valuations.

But even as the Equitymaster analysts grow increasingly wary of market valuations, their bottom-up approach continues to uncover new opportunities. Many of which most investors, especially the hordes of novices, have never heard of.

For instance, Richa's Hidden Treasure team has uncovered a batch of small caps that could lead to what Richa calls 'backdoor profits'. Download a copy of Richa's new FREE report, Backdoor Profits - The Small-Cap Way to Big Returns, to know about these stocks.

In the news from commodity markets, crude oil prices traded near 8-week high during the early trades today. The commodity is witnessing buying interest this week on expectations of a drawdown in US crude stockpiles. Buying interest is also seen on the back of slowing shale oil production.

Crude oil market has been buoyed by Saudi Arabia's announcement at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers on Monday that it would limit crude exports to 6.6 million barrels per day (bpd) in August. This is down nearly 1 million bpd from a year earlier.

One shall note that crude oil has been witnessing losses lately on concerns regarding the rising output from OPEC. 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.

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.

On the domestic front, 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 for India is to reduce its dependence on oil imports and achieve fuel-sufficiency.

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

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