Indian Indices Continue Downtrend; Consumer Durable Stocks Bleed

Fri, 11 Nov 11:30 am

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After opening the day on a weak note, the Indian share markets have clawed back some losses but continue to trade in the red. Sectoral indices are trading on a negative note with stocks from the realty sector and the consumer durables sector witnessing maximum selling pressure.

The BSE Sensex is trading down 381 points (down 1.4%) and the NSE Nifty is trading down 139 points (down 1.6%). Meanwhile, the BSE Mid Cap index is trading down by 2.5%, while the BSE Small Cap index is trading down 2.2%. The rupee is trading at 67.01 to the US$.

Indian share markets are witnessing selling pressure on the back of a host of factors today. As per the news, the sell-off came as market participants went for profit-booking and dampened the market sentiments. Also, the volatility seen in global financial markets weighed on Indian indices.

All eyes are now set on the earnings announcement by Indian companies today. The results announcement by some major banks such as State Bank of India and Bank of Baroda, and companies such as Mahindra & Mahindra (M&M), MOIL, etc. will set the direction of benchmark indices for the day.

Apart from the above, the shock victory of Donald Trump has left stock markets awash with uncertainty. Speculations as to what effect his presidency will have on various countries are doing the rounds. In our view, Donald Trump's win could deal a big blow to US trade deals with Asia. His stance on trade, immigration and foreign policy is already making markets jittery. While economies like China may suffer the most, Indian exports will not remain untouched.

That said, there are businesses in India that will continue to do well. And that would create shareholder wealth in the long term when invested in at right levels. So our message to all value investors is this: Focus on the business fundamentals, and use short term corrections due to global economic events to add such businesses to your portfolio.

In fact, we are keeping a close watch and will use any crash opportunity such as above to recommend great businesses that look good but do not allow action due to valuation concerns. Meanwhile, you take care at your end to stay clear of profit killers, irrespective of how tempting the valuations look.

While we are on the topic, Apurva Sheth, editor at Daily Profit Hunter, has recently penned an article that states how one should trade in these volatile times. As per Apurva, successful trading is all about three M's- Mind, Method, and Money. You can read his article Market Crash: How To Trade After The US Elections to know more on this.

As per an article in the Economic Times, the anti-dumping duty on a chemical imported from China will continue to remain in force till January 2019. The said chemical is used by the dye industry in India. While the anti-dumping duty is said to be continued, it will be levied at modified rates.

The development comes as the Directorate of Anti-Dumping and Allied Duties (DGAD) carried out a Mid-term Review (MTR) of the duties imposed on the imports of '4,4Diamino Stilbene2, 2 Disulphonic Acid' (DASDA) and recommended continuation of the levy at modified rates.

The above move is also in line with government's efforts to reduce the onslaught of Chinese goods entering the local market by reducing and delaying duty concessions to China.

Earlier this month, news reported India planning for a new duty cut formula to reduce trade deficit with China. While nothing is finalised as of yet, it was noted that Indian will maintain a separate negative list of items on which it will give limited or no tariff concession to Chinese imports under the Regional Comprehensive Economic Partnership (RCEP) trade agreement. The move, if implemented, will help India in containing its rising trade deficit with China.

Moving on to the news from commodity markets... Crude oil is witnessing selling pressure today. This is seen as global financial markets rebounded after Donald Trump's shocking victory and turned its focus on oversupply concerns. Another news that has weighed on crude oil is the speculation regarding OPEC's ability to implement the proposed production cuts. The latest development here is the Organisation of Petroleum Exporting Countries (OPEC) agreeing on a long-term strategy that indicates the cartel's consensus on managing production. However, with the final verdict on the proposed output cut, there still remain much room for volatility in crude oil prices.

All eyes are now set on the OPEC meet scheduled on 30 November. The meet is scheduled to discuss a planned output cut of around 1 million barrels per day (bpd) of crude oil.

The OPEC recently agreed for a modest output cut. It agreed to reduce output to a range of 32.5-33 million barrels per day (bpd) from the present output of 33.24 million bpd. The deal was struck during talks in Algeria to ease global supply fears.

OPEC is a major source of the turmoil we've seen in crude oil prices. Check out Asad Dossani's article- How OPEC Lost Control of Oil Prices, for more on this.

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.

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

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