Indian Indices Trade on a Negative Note; Realty Sector Down 1.9%

Thu, 18 May 11:30 am

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Share markets in India are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the realty sector and capital goods sector witnessing maximum selling pressure. IT stocks are trading in the green.

The BSE Sensex is trading down 110 points (down 0.4%) and the NSE Nifty is trading down by 57 points (down 0.6%). The BSE Mid Cap index is trading down by 1.2%, while the BSE Small Cap index is trading down by 1%. The rupee is trading at 64.33 to the US$.

In the news from initial public offer (IPO) space... The IPO of IRB InvIT got listed at Rs 103.25 on Indian bourses today.

This was the first infrastructure investment trust to get listed and had been oversubscribed 8.57 times.

During the IPO period, the institutional investor quota was oversubscribed 10.81 times and the other investor quota 5.89 times. The IPO was sold in the price band of Rs 100-102.

In the news from global financial markets, Japan's economy grew at the fastest pace in a year in the first quarter.

Japan's economy grew at an annualised 2.2% in January-March 2017, Cabinet Office data showed on Thursday. This exceeded the median market forecast for a 1.7% rise and posted the fastest growth rate since January-March 2016.

As per the data, the economy is witnessing comfortable growth driven by both domestic and external demand. The economy has shown signs of growth with exports and factory output benefiting from a pick-up in overseas demand.

However, consumer prices are barely rising as companies remain wary of increasing wages. This has kept the Bank of Japan (BOJ) under pressure to maintain its massive stimulus despite signs of strength in the economy.

While the above developments look good, there remain many issues that can hamper Japan's economic growth. The economy is flooded with excessive money printing...too much debt...too much government intervention...too much stock market manipulation, etc.

Also, the above developments by the BOJ are in continuation with the easy money policies that central banks are adopting around the world. With the changes at central banks in 2016, it seems that the end of easy money is near.

In the news from commodity markets, crude oil is witnessing most of the buying interest today. This comes as the EIA reported a sixth straight weekly decline in US crude inventories.

The commodity is also witnessed gains this week after Saudi Arabia and Russia announced they have agreed to leave production cuts in place through March 2018.

Crude Oil Extends Uptrend

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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