Indian Indices Trade Marginally Higher; Realty Stocks Witness Buying

Fri, 3 Nov 11:30 am

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Stock markets in India are presently trading marginally higher. Sectoral indices are trading on a positive note with stocks in the capital goods sector and realty sector witnessing maximum buying interest.

The BSE Sensex is trading up 52 points (up 0.2%) and the NSE Nifty is trading up 15 points (up 0.1%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.7%. The rupee is trading at 64.56 to the US dollar.

In the news from the global financial markets, President Donald Trump has nominated Jerome Powell to run the Federal Reserve after current Chair Janet Yellen's termination.

The development follows an extended period of speculation over who would be named to head the central bank at a time of low interest rates, surging employment and rising asset prices.

While the Fed kept interest rate unchanged at its policy meeting this week, it did indicate a hike by the end of this year.

With the US economy chugging along for many months, the Fed is now gradually easing off the stimulus it provides to the economy by raising interest rates to more normal levels.

Yet, so far, the cost of lending has been slow to respond to the interest rate increases. But as the Fed continues with this policy, consumers who borrow to buy houses, cars, refrigerators, and other items will have to pay more for those goods.

US Federal Reserve rate hikes generally have a negative impact on emerging economies. But currently, India is seen as better equipped than other emerging markets to ride the impact of higher US interest rates on the back of stronger economic growth.

Powell is seen as more dovish on interest rates and this is said to pressure US Treasury yields going forward.

In the news from the macroeconomic front, as per an article in Economic Times, Union minister Nitin Gadkari urged banks, foreign investors, and private players to help develop infra projects.

He pointed out that his ministry has already undertaken massive infra projects and has set a target of Rs 25 trillion investments in highways and shipping over the next five years.

As per him, the above plan can create 1 crore jobs and contribute to 2-3% to the gross domestic product (GDP) of the country.

Note that the government has been increasing its focus on infra spending and there are many improvements seen in this space lately.

One such improvement is that the share of projects facing implementation delays has almost halved since 2013, as can be seen from the chart below:

Infrastructure Project Delays Witness a Significant Decline

Increased focus on public spending on projects and completion of stalled projects has resulted in a steady rate of improvement in ongoing projects. Increased efficiency in project implementation augurs well for the economy and will help India reign in the twin problems of project delays and cost overruns.

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