Indian Indices Trade Marginally Higher; Healthcare Stocks Witness Buying

Wed, 8 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 healthcare sector and IT sector witnessing maximum buying interest. Telecom stocks are trading in the red.

The BSE Sensex is trading up 72 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 0.4%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 65.08 to the US dollar.

In the news from global financial markets, Bank of Japan (BoJ) board member Yukitoshi Funo stressed the need to continue the central bank's current easing program. This comes as the bank's 2% inflation target remain distant.

He also said it was important to track the developments in firms' price-setting behavior and a possible delay in the increase of consumers inflation expectations.

Yukitoshi Funo, along with the majority of the BoJ's board, has voted to shift the policy focus to targeting interest rates from increasing the money supply.

The BoJ has pushed back the timing to reach its price target six times since it deployed its massive stimulus programme in 2013. It now hopes that consumer inflation will achieve its 2% target by March 2020, as signs of strength in the economy and a tight job market boost wages giving households higher purchasing power, allowing firms to hike prices.

What remains are many issues that can hamper Japan's economic growth going forward.

Note that the recent win of Japanese Prime Minister Shinzo Abe in elections also signals the continuation of Abenomics - the ultra-loose monetary and fiscal policies. These policies have influenced excessive money printing, too much debt, and too much government intervention in Japan.

As Ankit writes in a recent edition of Equitymaster Insider... "With Abenomics, Japan has gone overboard trying to revive its economy. The Bank of Japan is a Top 10 holder in over 90% of Japanese stocks. And it remains one of the biggest buyer of Japanese stocks."

It would be interesting to see the impact central bank's ultra-easy money policies will have on the economy going forward. Meanwhile, we'll keep you updated on all the recent developments in this space.

In other news, the Organisation of the Petroleum Exporting Countries (OPEC) said in its 2017 World Oil Outlook that demand for its crude would rise more slowly than previously expected in the next two years. This, as per the organization, is on the back of a recovery in prices due to OPEC's return to supply management stimulates output growth outside the group.

Recently, OPEC has significantly improved compliance with its pledged supply cuts and Russia is also seen keeping to the deal.

The above developments had led to a rise in crude oil prices.

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.

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.

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