Indian Indices Trade Marginally Lower; Oil & Gas Stocks Witness Losses

Tue, 7 Nov 11:30 am

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After opening the day on a positive note, share markets in India pared most of the earlier gains and are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the oil & gas sector and consumer durables sector witnessing maximum selling pressure. IT stocks are trading in the green.

The BSE Sensex is trading down 70 points (down 0.2%) and the NSE Nifty is trading down by 27 points (down 0.3%). The BSE Mid Cap index is trading down by 0.5%, while the BSE Small Cap index is trading down by 0.4%. The rupee is trading at 64.81 to the US$.

Stocks in the aviation space are trading on a negative note today with Jet Airways and Spicejet Ltd being the most active stocks in this space.

Most of the losses were seen on the back of rising crude oil prices which hit over two-year high.

Note that crude oil has been witnessing buying interest lately after it was reported that the Organisation of the Petroleum Exporting Countries (OPEC) has significantly improved compliance with its pledged supply cuts and Russia is also seen keeping to the deal.

Also, Saudi Arabia had said it was determined to end a supply glut.

As per the news, Saudi Arabia's Energy Minister Khalid al-Falih said that the focus remained on reducing oil stocks in industrialized countries to their five-year average. He also raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends.

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.

As far as the aviation industry is concerned, apart from rising crude oil prices, the industry is plagued by cutthroat competition and rock-bottom fares. As a result, Indigo has been the only profitable airline in India in the recent past.

It would be interesting to see how domestic airline companies will tackle the above challenges. Meanwhile, we'll keep you updated on the recent developments in this space.

In the news from the telecom sector, Reliance Communications share price is in focus today.

Gains are seen as the telecom operator inked a pact with Veecon Media and Television Limited, for sale of its subsidiary Reliance BIG TV Limited (RBTV). The subsidiary deals in direct to home (DTH) services across India.

Reliance Communications had earlier this month reported that it will shut down its direct-to-home (DTH) business, operating under Reliance Digital TV, effective November 18. The company has cited expiry of DTH licence as the reason for this closure.

Reliance Communications share price was trading marginally higher by 0.6% at the time of writing.

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