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and whoever wants to be first must be slave of all. For even the Son of Man did not come to be served, but to serve, and to give his life as a ransom for many.”

27 Sep 2016


Volatility has been witnessed by the Indian market in the last week as Oil issues are diving much deeper than expected. A good monsoon, reforms and timely decision making at the Center will definitely push India's growth beyond the 8 percent mark in subsequent quarters of this fiscal. India's growth rate slipped to a 6-quarter low of 7.1 percent in April-June due to subdued performance of mining, construction and farm sectors. The figure was 7.9 percent in January-March. Last year, Indian economy expanded by 7.5 percent in the April-June quarter. India's food grain output is estimated to rise by 9 percent to an all-time high of 135.03 million tonnes in the kharif season (summer sown) of 2016-17 on record output of rice and pulses following bountiful rains. Food grain production stood at 124.01 million tonnes (mt) in the kharif season of 2015-16 crop year (July-June). Higher output of pulses will also help soften retail prices, which have remained a sticking point. The country's overall food grain production had fallen to around 252 mt level in each of the previous two full crop years including kharif and rabi due to two consecutive years of drought.

Oil producers are unlikely to settle on any kind of deal in Algeria this week, setting the stage for more volatility in oil prices and postponing hopes for an end to the current supply glut until November. OPEC members gather in Algiers for the International Energy Forum starting Monday and are expected to hold informal talks following the two-day event. Algeria's oil minister Noureddine Bouterfa has warned prices could drop back into the USD 30 per barrel range if officials walk away empty handed, but that appears to be the most realistic scenario. Efforts to reach an agreement on output cuts have been complicated by the lifting of international sanctions against Iran, with the country planning to sell more oil abroad after years in the wilderness. Saudi Arabia has agreed to lower production only if Iran agrees to do the same, Reuters reported last week, but it remains to be seen if Tehran will be on board.

Stocks to watch: Jubilant Life Sciences Ltd is on the upside while Bharti Airtel is on the downside.

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