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Export-oriented sectors, including IT services, may face a difficult period over the next six to nine months due to the weak economic environment in the Western world. However, the prices are coming down significantly, making it an opportune time for long-term investors to selectively invest in the sector. The PSU and commodity sectors, which have traditionally been avoided by investors, now show renewed focus on value creation and capital efficiency through government policies. The auto sector has shown signs of a cyclical upturn.

Three stocks, BHEL, Gujarat Narmada Valley Fertilizers and Chemicals, and Manappuram Finance, are under futures and options (F&O) ban as their open interests rose above the prescribed percentage. Traders who deal in indices are not affected by the security ban, but open interest or market-wide position limits of any stock exceeding 95% of F&O prompts a ban which is lifted only when this percentage drops below 80%. The market-wide position limit for Delta Corp was 97.4% on Monday, while it stood at 92.6% and 89.6% for GNFC and Manappuram Finance, respectively.

Over the last 12-18 months, given the sideways trajectory of the benchmark indices, India’s absolute as well as relative (to other emerging markets) valuations have come off. This, in our view, should provide some stability to the markets.

Crude has corrected substantially from the 2022 highs and since that determines the prices of a lot of downstream products, it can provide a cushion both to the economy, as well as to corporate earnings.

U.S. stocks lacked direction and struggled on Monday, with Catalent and Tyson Foods posting poor earnings. On Friday, the U.S. jobs data allayed fears of a labor market shortfall, driving stocks upwards. Investors’ attention will now be on Wednesday’s consumer price index data to assess whether the Federal Reserve’s tight monetary policy is keeping inflation under control.

Gold prices in Asia declined slightly as investors remain cautious ahead of the U.S. inflation data to be released on Wednesday. Spot gold decreased by 0.1% at $2,020.22 per ounce and U.S. gold futures were down by 0.3% at $2,027.10.

Separately, Buffett’s firm owns a 24% stake in Occidental common stock and is the company’s largest shareholder, according to data compiled by Bloomberg. Berkshire is willing to buy more Occidental common stock, Buffett said at its shareholder meeting in Omaha this month. However, he ruled out buying the oil producer outright.

Oil prices have gone up slightly in Asia, with concerns about a US recession – which caused prices to plummet for three consecutive weeks – starting to subside. Brent crude futures rose by six cents, reaching $75.36 a barrel, while the US West Texas Intermediate (WTI) crude futures increased by eight cents, climbing to $71.42. Concerns over the US banking crisis, and its potential impact on oil demand in the world’s largest oil-consuming nation, saw the Brent benchmark drop by 5.3% last week and WTI plummet by 7.1%.

The National Company Law Appellate Tribunal (NCLAT) rejected Rajagopal’s Rs 423-crore plan on the grounds that it was revised after a majority of lenders voted on it, but the revised plan was not put before lenders for a vote.

“By June, you will see open market 10-second loans hitting the streets both for personal and business loans for every citizen of India who is eligible for a financial loan,” said Arvind Kapil, retail head of HDFC Bank. “Whether you have an account or don’t have an account with us, we could assess you end-to-end without any documentation online and the product will be disbursed 24×7.”