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A Green Day for Indian equity markets

2 Jun 2022 , 04:12 PM

Indian markets closed the day in Green. NSE Nifty ended the day up by 105.25 points. BSE Sensex was up by 436.94 points. Top Gainers today were Reliance, Bajaj Finserv, and Sun Pharma. Top losers today were Apollo Hospitals, Hero Motor Corp, and Eicher Motors.

Oil price has come down marginally on the expectation that Saudi Arabia will increase its output. Saudi Arabia said yesterday that it will increase its oil output by some extent to offset the disruption caused by European ban on Russian oil. Many investors in oil exited their position yesterday. This exit probably happened on the back of the expectation that USA may use its political leverage with Saudi Arabia to make it increase its oil output further. Italy’s Prime Minister in his meeting with President Biden has come out with a plan to create a cartel of oil consumers. This cartel is meant to increase bargaining power of consumer countries against the cartel of oil supplying countries.

Inflation continues to remain a major worry for Indian Economy and Indian equity markets. Vegetable prices continue to rise. According to reports, tomato prices have increased year-on-year by around 100% in many cities. Prices of potato are also rising. If food prices continue to rise, RBI may again resort to increase in interest rates. Food consumption is not interest sensitive. But increase in food prices can drive up wage inflation. Increase in wage inflation gets reflected in prices of goods whose consumption is interest sensitive.

Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
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