Macro-economic factors indicate slowdown in crude oil demand from three of the major consuming zones of China, US and Eurozone amid contraction in manufacturing and industrial activities. SPR reserves in US looms lowest since 1985 and the distillates stocks are now 23% below the 5-year average for this time of year. API forecast a larger draw of 5.6 million barrels of US commercial reserves which has also been pushing prices higher today. Moneycontrol (com) Stocksmarketsindia: Cnn (com) Premarkets: Cnn (com) Dow: Tradingview (com) Markets: Cib (bnpparibas) Markets 360: Afr (com) Markets: Bigimarkets (com) Markets: Ft (com) Markets: Markets (com) Trading Platform: Market news markets stock world data financial share latest quotes stocks live updates analysis services. Supply issue surfaced from Kazakhstan due to damaged moorings, which could possibly disrupt supplies for a month. The prices rose 3.4% on Tuesday amid warning from OPEC oil minister to act to balance the market. Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas:Ĭrude oil October futures breached USD 95 to trade at two weeks high during European morning hours. Banking sector remains most resilient but is also the consensus overweight sector for domestic as well as foreign institutions. IT remains most vulnerable to further earnings downgrades stemming from a global recession, while a renewed rally in commodities like natural gas, coal and crude would be negative for downstream sectors like Cement & Consumer durables. Retail have been on the sidelines, and did not participate in the previous rally, can be expected to start providing buying support to Nifty around its 50-week moving average at 17150.
With the ongoing spike in natural gas prices in Europe, there is increasing recognition of a synchronized recession in EU, US and China in the rest of CY22 – as a result, currency market volatility has been dictating the macro flow picture for equities too.įPI flows were constructive till last week but have now started turning negative and are best reflected in build-up of short interest in index futures. Hariharan, Head- Sales Trading, Emkay Global Financial Services:
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