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| capitalstars financial research |
Rising crude price, depreciating rupee and volatile global market has put pressure on the Indian market. Rupee has crossed 69 per dollar mark during the week and ended at 68.47. Crude prices also jumped to a three-year high.
For the week, Nifty shed 107 points (down 1 percent) at 10,714.3 and Sensex was down 266.12 points (0.74 percent) at 35,423.48.Foreign investors stayed net sellers, while domestic institutions were buyers in the last week.
India's volatility index (India VIX) rose 7.6 percent last week, while S&P BSE smallcap index declined 3 percent, S&P BSE Midcap down 2.4 percent, and the largecap index shed 1 percent.
Consumers are currently paying six per cent more for petrol and 19 per cent more for diesel than what they did in May 2014. Even so, Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) might need a further Rs 2.8-3.7 a litre increase in retail prices to earn normal margins.
The rupee’s fall might, however, not push up airfares for now. Airline executives say these rose only four to five per cent in May-June, as it was the holiday season.
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