Nifty50: 18,688 ▼ 67 (-0.3%)
Sensex: 63,228 ▼ 310 (-0.4%)
Namaste, friends !
We’ve all heard the saying “when you’re saving, every penny counts.” But a man in Los Angeles seems to have taken this saying far too seriously. Apparently, he had stashed away dozens of bags containing a million pennies. Now, the face value of these coins is just $10,000 dollars (a penny is 1 cent), some coin collectors believe the value of these antique coins may be at least 10 times more! That story gives the idiom “penny wise, pound foolish” a whole new meaning! Anyway, on to the markets now, which stumbled today after rising for three straight days.
After a choppy trading session, markets ended lower, snapping a three-day winning run
Among the Nifty sectoral indices, Pharma (+1.4%) and FMCG (+0.5%) were the top gainers, while PSU Bank (-1.9%) and Media (-1.0%) were the top losers.
| Top gainers | Today's change |
| Apollo Hospitals | 5,207 ▲ 198 (+3.9%) |
| Divi’s Lab | 3,578 ▲ 92 (+2.6%) |
| Dr Reddy | 4,808 ▲ 109 (+2.3%) |
| Top losers | Today's change |
| Hero MotoCorp | 2,826 ▼ 104 (-3.5%) |
| Wipro | 388 ▼ 7.6 (-1.9%) |
| IndusInd Bank | 1,298 ▼ 24 (-1.8%) |
What’s trending
⭐Edible oil makers gains after import duty cut
The government has slashed the base import duty on refined sunflower and soybean oil to 12.5% from 17.5%, effective 15 June. The move is aimed at reducing oil prices in local markets and is positive for domestic producers. Following the announcement, shares of edible oil companies like Adani Wilmar and Patanjali Foods rose by 3% and 2.5%, respectively.
⭐ Godrej Properties acquires new land parcel
Shares of real estate developer rose (+4.1%) to a new 52-week high today. This comes after the company acquired a new land parcel in Kolkata to develop a luxury housing project. As per the company, the land parcel has a revenue potential of ₹1,200 crore. Meanwhile, the company's shares are up over 28% so far in 2023.
⭐ SJVN partners with MAHAGENCO
Hydropower company SJVN has signed an agreement with Maharashtra State Power Generation Company (MAHAGENCO) for the development of renewable energy projects with a total capacity of 5,000 MW. SJVN shares gained nearly 5.7% intraday following the announcement. With this, SJVN has a portfolio of 54,065 MW, of which 2,091 MW is operational, while the rest is in various stages of development.
⭐ Imagicaa rallies on debt resolution
Shares of theme park operator have risen over 15% this week. This has come after the company announced it has received approvals to write off debt to the tune of ₹571.7 crore. The write-off comes as good news for investors as it removes the legacy debt of previous promoters and will allow the new management to focus on expansion plans.
In Focus
India set to become Asia’s top oil consumer
India will overtake China and become the world’s second-largest oil consumer after the US, according to a new report published by Paris-based International Energy Agency (IEA). As per the report, Indian oil demand will grow steadily by over 1 million barrels per day (bpd) in the next five years. What are the key factors behind this? Let’s take a look.
India’s demand to grow steadily
According to the IEA report, crude oil demand in India will rise due to growing industrial and economic base. India is the world's fastest-growing major economy, and is likely to see rapid growth between 2024-2028, driving the oil demand. In FY23, India consumed over 222 million tonnes of petroleum products, up 10.2% YoY.
Besides this, rising urbanisation and the expanding middle class are other key demand drivers. As a result, domestic oil demand will grow steadily over the next five years. Diesel, a key fuel used in the country, will see its share jump from 32% to 35% in overall product mix over this period.
On the flip side, the slowdown in the Chinese economy, falling domestic consumption and rapid electrification of cars and buses could organically reduce the demand for oil in China.
Global oil demand outlook weakens
However, the IEA report highlighted that global oil demand is reaching its peak. Higher sales of electric vehicles and rising efficiencies in the oil industry through the use of technology and logistics are set to restrict global oil demand growth to less than 1 million bpd from 2024 onwards, which could shrink further to just 0.4 million bpd by 2028.
On the global front, demand for oil required in road transport is expected to turn negative by 2026, while oil demand as the primary fuel for vehicles would begin to reduce from 2027 onwards.
All in all, the report highlights India is set to become a major driver of crude oil demand in the world.
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