Latest news with #NavneetDamani
Hans India
21 hours ago
- Business
- Hans India
Middle East conflict hits stocks of crude oil-sensitive firms
New Delhi: Shares of crude oil sensitive sectors — oil marketing companies, aviation, paints, adhesives and tyres — declined on Friday following a spike in global oil benchmark Brent crude prices amid escalating tensions in the Middle East. The stock of BPCL fell by 1.90 per cent, Indian Oil Corporation dropped 1.78 per cent and HPCL declined 1.41 per cent on the BSE. In intra-day trade, BPCL tanked 6.11 per cent, Hindustan Petroleum Corporation Ltd tumbled 5.34 per cent and Indian Oil Corporation dropped 3.91 per cent. Shares of InterGlobe Aviation edged lower by 3.71 per cent and those of SpiceJet dipped 1.95 per cent. During the day, SpiceJet fell 5.64 per cent and InterGlobe Aviation dropped 5.62 per cent. Global oil benchmark Brent crude jumped 8.39 per cent to USD 75.20 a barrel. 'Geopolitical tensions are heating up, and it's impacting the oil market! Israel's airstrikes on Iran have sparked fears of supply disruptions, causing crude oil prices to surge. The worry is that the situation could escalate into a full-blown regional crisis, which would have significant implications for global oil supplies,' Navneet Damani, Group Senior VP, Head Commodities Research, Motilal Oswal Financial Services Ltd, said.
The Print
a day ago
- Business
- The Print
Middle East tensions bring down stocks of crude oil-sensitive firms; aviation companies
In intra-day trade, BPCL tanked 6.11 per cent, Hindustan Petroleum Corporation Ltd tumbled 5.34 per cent and Indian Oil Corporation dropped 3.91 per cent. The stock of Bharat Petroleum Corporation Ltd fell by 1.90 per cent, Indian Oil Corporation dropped 1.78 per cent and Hindustan Petroleum Corporation Ltd declined 1.41 per cent on the BSE. New Delhi, Jun 13 (PTI) Shares of crude oil sensitive sectors — oil marketing companies, aviation, paints, adhesives and tyres — declined on Friday following a spike in global oil benchmark Brent crude prices amid escalating tensions in the Middle East. Shares of InterGlobe Aviation edged lower by 3.71 per cent and those of SpiceJet dipped 1.95 per cent. During the day, SpiceJet fell 5.64 per cent and InterGlobe Aviation dropped 5.62 per cent. Global oil benchmark Brent crude jumped 8.39 per cent to USD 75.20 a barrel. 'Geopolitical tensions are heating up, and it's impacting the oil market! Israel's airstrikes on Iran have sparked fears of supply disruptions, causing crude oil prices to surge. The worry is that the situation could escalate into a full-blown regional crisis, which would have significant implications for global oil supplies,' Navneet Damani, Group Senior VP, Head Commodities Research, Motilal Oswal Financial Services Ltd, said. Among paints stocks, Indigo Paints went lower by 2.63 per cent, Berger Paints dipped 0.59 per cent and Asian Paints declined 0.14 per cent. Shares of Ceat slipped 1.35 per cent and Apollo Tyres edged lower by 1.13 per cent. 'The economic consequences of Israeli strike can be profound if the attack and counterattack by Iran lingers long. Brent crude prices have flared up around 12 per cent to USD 78. The impact on market will depend on how long the conflict lingers. 'In the near-term the market will be in a risk-off mode. Sectors that use oil derivatives as inputs like aviation, paints, adhesives and tyres will be hit hard. Oil producers like ONGC and Oil India will remain resilient,' VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said. Equity benchmark indices Sensex and Nifty tumbled nearly 1 per cent on Friday as weak global markets and a spike in Brent crude oil prices after Israel attacked Iran's capital weighed on investor sentiment. 'Crude oil futures surged over 10 per cent to USD 76 per barrel, the highest in two months, as escalating tensions between Israel and Iran sparked fears of severe supply disruptions,' Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said. PTI SUM TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Times of Oman
21-04-2025
- Business
- Times of Oman
Gold gains 25% in 2025; outlook remains firm: Motilal Oswal
New Delhi: Gold has delivered a stellar performance in the first four months of 2025, gaining nearly 25 per cent and marking all-time highs on both MCX and COMEX. Silver has also followed suit with a 15 per cent price gains on COMEX. This sharp rally is attributed to a combination of heightened geopolitical risks, trade tensions--particularly between the U.S. and China--and a surge in safe-haven demand from both institutional and retail investors, Motilal Oswal Financial Services Ltd (MOFSL) said in a report. The outlook for gold remains constructive, Motilal Oswal said. Persistent trade tensions, inflationary pressures, and central bank gold purchases are expected to continue supporting prices. As per Motilal Oswal, technical levels indicate strong support for gold around Rs 91,000 per 10 grams and resistance near Rs 99,000 on MCX, while on COMEX, key levels to watch are USD 3,100 per ounce and USD 3,400. With the global economy navigating through policy uncertainty and slowing growth, gold is likely to remain an attractive asset class. "In an environment dominated by policy uncertainty, inflationary pressures, and volatile geopolitics, gold continues to be a beacon of stability. As central banks bolster their reserves and investors seek safety, we believe gold will remain a favoured asset. Barring any significant resolution in global trade tensions, we maintain a 'buy on dips' view from a medium to long-term perspective," said Navneet Damani, Group Senior Vice President, Head Commodity and Currency Research, Motilal Oswal Financial Services. Gold's momentum has notably outpaced silver's so far this year, both in terms of scale and pace. Following recent comments from President Trump regarding higher tariffs on Chinese goods, gold briefly corrected but quickly recovered--demonstrating resilience and investor confidence. The Trump administration's aggressive trade stance has targeted dozens of trading partners, with particularly steep tariffs imposed on China (up to 245 per cent), prompting retaliatory measures from Beijing. This has led to market-wide concerns of a prolonged slowdown or potential stagflation in the U.S. economy. Further compounding these risks is a weakening US dollar, which has declined by over 7 per cent against major global currencies this year. "Central banks, especially in emerging markets like China, have been steadily increasing their gold reserves, further bolstering demand and price stability," MOFSL said. The Federal Reserve's monetary policy has also influenced market sentiment. After three interest rate cuts in 2024, the Fed has taken a "wait and watch" approach in 2025 to assess the economic fallout from ongoing trade policies. While President Trump has openly advocated for further rate reductions to stimulate growth, Fed Chair Jerome Powell has maintained a cautious stance, citing inflationary risks from tariffs and broader economic uncertainties. "However, the broader global macroeconomic environment continues to favour gold and other safe-haven assets. Unless a meaningful resolution to global trade disputes is reached, the upward trajectory for bullion prices appears well-supported in the medium to long term," MOFSL added.
