Indian Indices Trade Marginally Lower

Fri, 29 Jul 11:30 am

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After opening the day marginally lower, the Indian indices have continued to trade in the red. Sectoral indices are trading on a mixed note with stocks from the telecom and capital goods sector leading the losses. Healthcare and oil & gas stocks are leading the gains.

The BSE Sensex is trading down 70 points (down 0.3%) and the NSE Nifty is trading down 6 points (down 0.1%). The BSE Mid Cap index is trading up by 0.9%, while the BSE Small Cap index is trading up by 0.5%. The rupee is trading at 67.02 to the US$.

In a major global news, the Bank of Japan (BOJ) decided on a modest dose of monetary stimulus at the close of its two-day meeting on Friday. Further, the central bank said that it would buy 6 trillion yen (US$ 58 billion) worth of exchange traded stock funds annually. This was against 3.3 trillion yen previously.

The bank did not change its targets for purchasing government bonds. The Bank of Japan already owns more than a third of all outstanding Japanese government bonds. Its balance sheet has ballooned to 85% of gross domestic product (GDP) as of May.

Also, the bank kept its main interest rate - which is already in the negative territory - untouched. This, as per the bank, was in a suggestion that it may be running up against limits of monetary policy. One must note that the bank's negative interest rate policy (NIRP) had faced a resistance in February. The rate is charged on certain deposits held by commercial banks. These banks had objected that a further dive into negative territory would hurt their earnings and lessen public confidence.

Markets reacted with disappointment to the news. Stock markets in Asia witnessed selling pressure. The dollar lost its steam and fell against the yen.

The above spending packages are announced under Shinzo Abe's office which he took charge of more than three-and-a-half years ago vowing to revitalize the economy.

One must note that the BOJ at present is printing 80 trillion yen (US$750 billion) a year to stimulate inflation after decades of deflation and stagnant growth. Despite all these measures the inflationary expectations appear to be weakening. An entry in Vivek Kaul's Diary explains how Japan became a giant laboratory experiment for novel monetary policies.

Moving on to the news from the commodity space... Crude oil is trading marginally lower, down by 0.1% at the time of writing. The commodity has witnessed selling pressure throughout the week and has touched to its three-month lows.

The downtrend was seen on the back of a jump in US stockpiles. Also, worries about a global supply glut weighed on prices.

The above losses are stretched from the last week. During the last week, crude oil witnessed losses after the International Monetary Fund (IMF) lowered its projections for global growth. Losses were also seen on worries that US shale drillers have adapted to lower prices. It was noted that Asian refiners had begun to cut crude orders in order to adjust the sharp rise in crude prices witnessed since the start of this year.

To keep a regular tab on the movements in crude oil and other commodities, you can read weekly market commentary from the Daily Profit Hunter team. Their weekly commentary tracks the developments in the global economy as well as currency and commodity markets.

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