INDIA'S EQUITIES WILL BE BATTLED FURTHER BY ANOTHER CRUDE PRICE INCREASE

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Mumbai: Another jump in global crude oil prices, triggered by fresh restrictions prohibiting Russian energy imports, is predicted to wreak havoc on Indian stock markets.

The Brent Crude oil price rose to $130 per barrel on Tuesday evening, owing to expectations that western countries may impose sanctions on Russian energy imports.

In addition, the crisis between Russia and Ukraine boosted gold prices above Rs 55,000 per gramme.

Sanctions against Russia, a significant supplier of crude oil and gold, are projected to restrict the worldwide supply of these commodities.

On the heels of inflationary fears, the crisis has spurred FII selling in the domestic market. FIIs sold Rs 8,142.60 crore worth of stocks on the open market.

India currently imports 85 percent of its crude oil requirements.

High crude oil prices are expected to hike domestic transportation fuel prices in the region of Rs 10 to Rs 32 per litre, triggering an overall inflationary trend.

"Both gold and crude oil prices rose during India trade hours, but have since increased a little further." The United States is preparing to impose an embargo on Russian oil imports. "Russia accounts for about 8% of US oil and refined product imports," said Deepak Jasani, Head of Retail Research at HDFC Securities.

"Such a move may theoretically drive up oil prices." Oil prices, on the other hand, have climbed and stock prices have declined in recent days, partially in anticipation of such a change. As a result, the stock market's influence on Wednesday may be limited," Jasani remarked.

"Any unfavourable news from the conflict will impair market sentiments," says Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services.

"Our markets have followed global patterns, and any additional increase in crude oil prices will be detrimental." The issue is fluid and requires ongoing attention."

 

 

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