"The prime minister is thinking of having a meeting of all political leaders and it could take place in the second week of next month," sources in the government said. While the agriculture scenario was comfortable spiralling crude oil prices in the international market was causing a concern, they said. Crude oil reached $96 a barrel mark early this month. However, it has come a notch lower now.
Stock investors will track the ongoing conflict between Iran and Israel, Brent crude oil prices, inflation data and the US Fed interest rate decision for further cues this week, analysts said. Tariff-related news would also dictate trends in the equity market, experts noted.
'America is adopting the typical 'my way or the highway'/'Either you are with us or against us' stance.' 'This is a policy India is not going to accept.'
S&P Global Ratings on Tuesday upped India's GDP growth forecast for the current fiscal to 6.5 per cent, citing lower crude prices, monetary easing and normal monsoon, and said the ongoing geopolitical tensions are unlikely to put a "significant pressure" on the rupee or inflation.
Rising oil prices, sharp slowdown in mutual fund inflows and steep valuations remain the key risks for Indian investors going ahead.
Leading industrialist, Mukesh Ambani,on Friday said the trend of rising energy prices is a matter of great concern and that it could rise further to three-digits going forward.
India's exports contracted 11.8 per cent to $34.38 billion in October, showed government data released on Monday. Imports jumped 16.63 per cent to $76.06 billion.
Surging oil prices are unlikely to restrain the strong economic growth in India and China, Haruhiko Kuroda, president, Asian Development Bank said.
Oil prices continued their rout on Tuesday with Brent crude and U.S. WTI both falling to their lowest in almost six years as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.
India's annual oil import bill could rise by $9-11 billion if the country is compelled to move away from Russian crude in response to US threats of additional tariffs or penalties on Indian exports, analysts said. India, the world's third-largest oil consumer and importer, has reaped significant benefits by swiftly substituting market-priced oil with discounted Russian crude following Western sanctions on Moscow after its invasion of Ukraine in February 2022.
As of now, no firm has launched a flex-fuel vehicle in India, as these models are more expensive than comparable petrol-run vehicles.
Crude prices, which has become a big concern for the government fighting inflation, softened to about $104 to a barrel on the New York Mercantile Exchange after touching $107 a barrel, its highest level since September 2008.
Palm oil prices are rising to record levels these days because China and India are stepping up purchases.
Ahead of the Budget, the Survey made a case for gradual exit of stimulus provided to the industry.
The government is likely to give a subsidy of Rs 30,000-35,000 crore to state-run oil companies - Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) - to compensate for losses incurred from selling LPG at below cost over the past 15 months, according to a senior official.
A US official has stated that India's continued purchase of Russian oil is a point of contention in the relationship between the two countries, as it helps fund Russia's war efforts in Ukraine.
India's purchase of Russian oil has risen to 2 million barrels per day in August, as refiners continue to prioritise economic considerations in their sourcing decisions. As much as 38 per cent out of an estimated 5.2 million barrels per day of crude oil imported in the first half of August came from Russia, according to global real-time data and analytics provider Kpler.
'As matters stand, Russia and Saudi Arabia, two of the world's biggest oil producers, are set for a hard landing as they didn't diversify their economies as much as they should have when the oil prices were booming.'
The Reserve Bank of India on Thursday said that the economy had enough resilience to absorb rise in global oil prices and said it is keeping a close watch on inflation.
Inflation data, quarterly earnings and global trends will be the major driving factors for stock markets this week, analysts said. Moreover, the trading activity of foreign investors would also influence the equity market trends.
The policy review observed that the moderation in inflation, excluding food and fuel, that was witnessed in the first quarter of 2017-18 has "by and large, reversed".
As the oil moneybags get lighter, it will be increasingly difficult for Saudi Arabia and other Gulf states to continue to support incendiary radicals. And over time, there will be greater integration of Muslim life and culture into the "mainstream".
Demand has fallen significantly in the US, which accounts for around 30 per cent of crude oil consumption and meets 60 per cent of its demand through imports.
Oil prices this year could surge up to $80 a barrel due to the increasing demand for the gasoline and disruptions in crude supplies from Nigeria, said a senior Iranian oil official.
Amid the political push and pull, the Centre's decision to allow sugar exports and remove the 50 per cent duty on molasses exports has rekindled hope in the industry that more relief may follow.
The ongoing oil price decline is mainly a result of oversupply in the global market
Oil prices rose following Biden's suggestion that United States and Israeli officials were considering a possible Israeli strike on Iranian oil facilities, as reported by the Washington Post.
Equity markets will keenly track outcome of the US Federal Reserve policy meeting this week amid heightened expectations of an interest rate cut along with WPI inflation data, analysts said. Any further development on the USndia trade front would also drive trends in the equity market, experts said.
Assessing where their funds are flowing gives traders a hidden edge in predicting the market direction and momentum.
Crude oil's long price slide might be ending, feel some experts. Last Friday, the price of Brent crude, seen as a benchmark for what India uses, saw a low of $75.3 a barrel - it is now trading around $79. The fall has been nearly a third from its high seen in June, only five months earlier.
The Consumer Price Index-based inflation rose to 5.11% in January
The drop in oil to around $50 a barrel this year has triggered steep cutbacks in production of US shale oil
'In the long run, India's strong growth story and reforms to make assets globally attractive will determine the rupee's resilience.'
The central bank is conducting a series of these meetings with individual banks as it prepares to announce the annual monetary and credit policy for the financial year 2011-12 on May 3.
Volumes remain a concern because people still do not have confidence in the market.
Modi made a strong case for a partnership between the producers and consumers in the oil market as it exists in other markets.
The government will cut petrol and diesel prices when there is a sustained drop in global crude oil prices, Petroleum Minister Murli Deora said on Tuesday.
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