Indian Indices Trade on a Positive Note

Fri, 16 Sep 11:30 am

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After opening the day on a positive note, the Indian stock markets have added to their early gains. Sectoral indices are trading on a positive note with stocks from the oil & gas, auto and banking sectors leading the gains.

The BSE Sensex is trading up 332 points (up 1.2%) and the NSE Nifty is trading up 97 points (up 1.1%). The BSE Mid Cap index is trading up by 1.2%, while the BSE Small Cap index is trading up 1.1%. The rupee is trading at 66.86 to the US$.

US retail sales fell more than expected in August. This was seen on the back of weak purchases of automobiles and a range of other goods. Data released during the week stated that retail sales declined 0.3% after edging up 0.1% in July.

The Commerce Department said sales were up 1.9% from a year ago. However, excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.1% in August. Sales were almost broadly weak, rising in only four categories, including clothing stores and restaurants and bars. Receipts at auto dealerships fell 0.9%. Further, online sales, whose share has grown in recent years, dropped 0.3%.

In a second report, the Fed stated manufacturing output fell 0.4% in August. This came as output was hurt by declines in the production of non-durable goods. One must note that the manufacturing activity accounts for 12% of the US economy. The sector is grappling with the lingering concerns of a strong dollar and lower oil prices. Also, the activity in this sector has been undercut by an inventory correction.

The above data reports pointed a tepid domestic demand and a struggling manufacturing activity in the US. This further diminishes expectations of a Federal Reserve interest rate increase next week. The US Fed is set to hold its policy meeting next Tuesday and Wednesday.

There has been more negative news for the US economy. Data released during the last week showed US services sector activity slowed to a six and a half year low in August. This was seen amid sharp drop in production and orders.

While the manufacturing and services sectors remain constrained, sustained labour market strength could push the Fed closer to raising interest rates later this year.

In another news update, US Treasury Secretary Jacob Lew recently said that the group of G-20 countries which includes India has been effective in bringing together concerted action that turned around the global economy.

Lew, during a discussion at the Council on Foreign Relations, said G-20, during a time of crisis, has brought together concerted action which had the effect of turning around an economy by seeing trillions of dollars of fiscal policy and monetary policy kick in to the global economy moving.

This comes after the recently-concluded G20 summit in Hangzhou, China, where the world leaders used the platform to highlight their pet concerns.

As for our views on the global environment in the financial markets space, we believe there are many concerns hanging around. The central banks' easy money policies have led to much volatility in the global financial markets. Central banks across the world are trying to prod growth through stimulus measures and near-zero or negative interest rates. But are these measures viable? Asad Dossani, editor of Daily Profit Hunter, calls these measures the definition of insanity. He has also written on how one can successfully trade such events and build a trading business.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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