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Sensex Remains Flat; Metal Stocks Witness Buying Interest

Wed, 23 Nov 11:30 am

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After opening the day on a flat note, the Indian share markets have continued to trade near the dotted line. Sectoral indices are trading on a positive note with stocks in the capital goods sector and metal sector witnessing maximum buying interest.

The BSE Sensex is trading up 59 points (up 0.2%) and the NSE Nifty is trading up 16 points (up 0.2%). The BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index is trading up by 0.7%. The rupee is trading at 68.46 to the US$.

The historic election of Donald Trump as the 45th president of USA has shaken global financial markets. And as days pass on, the implications are getting wider. We came across an article in the Economic Times which points out the effects and repercussions from the Donald Trump victory so far.

As per the article, global funds have sold about US$11 billion of equities and bonds in Asia's emerging financial markets after Trump's victory. This is seen as expectations for Trump's policies, which are seen a tad weaker now, have sent Treasury yields higher and sparked the dollar's strongest rally in eight years.

Also, the iShares MSCI Emerging Markets ETF (EEM) - which tracks a broad basket of emerging market stocks - has fallen by 7% since Trump's win.

India is no exception to the above blow felt on equities. In fact, India has suffered the biggest outflow amongst global equity markets between November 9 and November 18.

However, that is just a part of the entire puzzle. Apart from the stock markets, Trump's position on trade, regulations, taxation, immigration, and US government spending will have an impact on India.

His views on trade can be bad news for India. This we say is because India's 'ease of doing business ranking' hasn't improved much recently. One of our premium editions of The 5 Minute WrapUp titled 'Is India really improving as a business destination?' explains this issue aptly.

Further, Trump's views on immigration could be an indirect fallout on Indian workers travelling to the US on temporary visas. Also, new rules could make these visas harder to get and more expensive. This would in turn drive up costs of Indian partners of US tech firms.

Moreover, increased US government spending and a hike in US interest rates could prove negative for India. Market participants are fretting that higher interest rates under President Trump will lead to a tightening of credit conditions around the world... and that emerging markets will suffer the worst of the fallout.

However, we believe that it would be unwise to hit the panic button just because of Trump's win. While the above policies by Trump will impact Indian stock markets, there will be 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, Asad Dossani at Daily Profit Hunter has recently come up with a successful trading strategy that can be highly profitable during these volatile times. You see, Asad has been working on a new trading strategy for months. One that fits the three criteria for trading success. As per Asad, trading is possibly the best secondary income you can find. If you're interested to know more about this strategy, you can learn more about the same here.

On the news from commodity markets, crude oil is witnessing volatility this week. While the commodity opened the trading week on a positive note, it failed to maintain the momentum ahead. Losses were seen yesterday on the back of worries that Iran and Iraq were not ready to agree on an OPEC output freeze.

The Organisation of Petroleum Exporting Countries (OPEC) has agreed 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 for 30 November to discuss a planned output cut of around 1 million barrels per day (bpd) of crude oil.

As per our friends at Daily Profit Hunter, OPEC is a major source of the turmoil we've seen in crude oil prices of late. 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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