Indian share markets finished the trading day marginally higher amid mixed international indices. At the closing bell, the BSE Sensex closed higher by 32 points and the NSE Nifty finished up by 6 points. The S&P BSE Mid Cap finished up by 1% while S&P BSE Small Cap finished up by 0.8%. Gains were largely seen in consumer durables stocks, power stocks and bank stocks. Pharma stocks and auto stocks finished in red.
Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.79% and the Shanghai Composite rose 0.36%. The Nikkei 225 lost 0.20%. European markets are mixed. The DAX is higher by 0.07%, while the CAC 40 & FTSE 100 are down 0.11% and 0.01% respectively.
Rupee was trading at Rs 64.90 against the US$ in the afternoon session. Oil prices were trading at US$ 56.84 at the time of writing.
Oil prices has increased nearly 130% since January 2016. This is a typical capital cycle. And it gets interesting every time.
The OPEC is expected to extend a cut of around 1.8 million barrels per day into the whole of 2018. Since June 2017 onwards, prices of Brent have been on the rise, on the back of a drop in US crude inventories, geopolitical tension between OPEC countries, and disruption in production caused by the hurricane activity in the US.
Crude Oil Hits 28-Month High
From India’s perspective, rising oil prices warrant close attention. This could lead to rising risks of fiscal slippage, greater inflationary pressures, and lower likelihood of a rate cut by the Reserve Bank of India (RBI) in December prompt investors to review their positions.
In news from the economy, as per a leading financial daily, a study carried out by Centre for Digital Financial Inclusion (CDFI) has indicated that the government’s move to demonetise Rs 500 and Rs 1,000 currency notes has broadened the scope for digitisation with around 63% retailers in rural as well as urban India willing to use digital payments such as mobile payments and card payments.
