Sensex Trades in Green, Crude Oil Shoots Up, and Top Stocks in Action

Tue, 11 Jun Pre-Open

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Indian share markets continued to trade in the green during closing hours and ended their day on a positive note.

Gains were seen in the IT sector and FMCG sector, while stocks from the oil & gas sector witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 168 points (up 0.4%) and the NSE Nifty closed higher by 52 points (up 0.4%).

The BSE Mid Cap index ended up by 0.1%, while the BSE Small Cap index ended the day down by 0.5%.

Top Stocks in Action Today

BHEL share price will likely be in focus today as the company announced it has won three major orders in quick succession, for setting up Solar Photovoltaic (SPV) Power Plants totaling to 135 MW, on engineering, procurement and construction (EPC) basis, in Maharashtra and Gujarat.

J&K bank share price will also be in focus today fter the government removed the lender's chairman Parvez Ahmad and appointed its executive president RK Chibber as an interim chairman.

As per an article in a leading financial daily, the Anti-Corruption Bureau (ACB) alleged Parvez Ahmed of indulging in unlawful activities.

Crude Oil Going Up

In the news from commodity space, crude oil was witnessing buying interest today. Prices rose after Saudi Arabia said producer club Organization of the Petroleum Exporting Countries (OPEC) and Russia were likely to keep withholding supplies.

Gains were also seen on news that the United States and Mexico averted a trade war that would have damaged the global economy.

In the coming days, members of the OPEC+ group are set to discuss whether to extend their supply curbs further.

President Vladimir Putin has said that Russia had differences with OPEC over what constituted a fair price for oil. However, he said, Moscow would take a joint decision with OPEC colleagues on output at a policy meeting in the coming weeks.

Note that within the oil industry, there are signs of a further rise in output from the United States, where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018.

That has made the United States the world's biggest producer ahead of Russia and Saudi Arabia.

Also, crude oil prices have quietly creeped up this year.

Oil prices have jumped to their highest level since late 2018.

As you know, rising crude oil prices have a big impact on the Indian economy as it imports over 70% of its energy needs.

Rise in crude oil increases input costs for dependent firms. It also means rising inflation. Rising inflation means rising interest rates.

It also puts pressure on the government to cut excise duty, thereby impacting its revenues. We have already seen that happening.

Research Analyst, Richa Agarwal believes that this has the potential to bring down sentiments in the domestic markets. She further believes that, if oil prices continue their upward march in a tight global environment, a broader correction in the sentiment fueled domestic market cannot be ruled out.

Speaking of crude oil, Vijay Bhambwani, editor of Weekly Cash Alerts, called the US President Donald Trump's bluff on crude oil in one of his recent articles. Here's an excerpt of what he wrote...

• From 2018 US is the largest oil producing country in the world with 13.4% of the global oil output daily.
  
  The USA has jumped ahead of Saudi Arabia and Russia in oil output. My question to every oil trader out there is this - as long as the USA was an importer, it made sense to push for lower oil prices. There were tangible benefits in doing so.
  
  President Donald Trump runs the world's largest debtor nation. One that is gasping for export income and a strong dollar. A firm USD ensures easier servicing and repayment of debt and vice versa. So now that Trump wants to export oil, and earn petro dollars does it benefit him if oil prices were to go up or down? So why does he tweet for lower oil prices?

To know more, you can read Vijay's entire article here: Crude Oil - What 'Trump Nation' Really Wants

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