Indian Indices Trade at Lifetime Highs; Telecom Sector Up 2%

Tue, 16 May 11:30 am

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After opening the day on a positive note, HYPERLINK "https://www.equitymaster.com/stockquotes/indices" share markets in India have continued their momentum. Sectoral indices are trading on a positive note with stocks in the telecom sector and IT sector witnessing maximum buying interest.

The BSE Sensex is trading up 110 points (up 0.4%) and the NSE Nifty is trading up 25 points (up 0.3%). The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 64.13 to the US$.

Stock markets in India are trading near their lifetime highs today. Most of the buying interest is seen on the back of positive cues from global markets. Also, result announcements by many companies today have fueled the rally.

However, more than fundamentals, it's liquidity driving the markets and valuations. As we stated in yesterday's 5 Minute WrapUp...

• One must note that currently, in most of the cases, it is liquidity driving the valuations, and not fundamentals. And this is exactly the time when one must allow fear to substitute greed.
  
  Also, this is precisely the time when it is most difficult to overpower greed and stay disciplined.

Time to Be Fearful?

Among all this hoopla, we would remind you focus on the fundamentals and long term moats of companies before deciding to invest in them.

The ongoing rise in Indian share markets also brings us to the question of how can one make money in a rising market, with little support from earning trends?

We believe a few super investors could provide the clue. These are the guys who've beaten the markets black and blue and have an eye for multi bagger stocks irrespective of the macro environment.

With respect to which super investors to follow, my colleague Kunal and Rohan have could be of great help courtesy their project, The Superinvestors of India.

To know more about these superinvestors and their stock picking approach, download a free copy of - The Super Investors Of India.

On the news from quarterly results announcements, Andhra Bank, Tata Steel, Dishman Pharma, Symphony, Dhanlaxmi Bank, and Whirlphool are some of the companies scheduled to report quarterly earnings today.

In the news from commodity markets, crude oil is witnessing most of the buying interest today. This comes as Saudi Arabia and Russia announced they have agreed to leave production cuts in place through March 2018.

All eyes are now set on the upcoming meet between the OPEC and participating non-OPEC countries which is scheduled for May 25^th to discuss whether to extend the curbs in oil production in the second half of this year.

More production cuts will mean curb in crude oil supplies and support Brent crude oil prices.

One shall note that crude oil prices have been remarkably silent over the last two years. Prices have remained within a tight range, rarely dropping below US$40 or rising above US$60. Volatility has crashed. And if you are trading crude oil, it's critical to understand why this has occurred.

One of the issues of Vivek Kaul's Inner Circle (requires subscription) explains what has triggered the above taming in crude oil prices.

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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