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However, despite repeated requests from the US and UK they are refusing to increase the current output levels. Meanwhile, other OPEC members are struggling to maintain their output due to under investment and lack of maintenance undershooting their production quotas.

Indian stock markets are still expensive on an aggregate basis notwithstanding the higher growth that India is witnessing versus other emerging markets. Countries across the world are now targeting inflation by raising interest rates to counter inflationary pressures.

Many stalwarts like Microsoft Corp, Apple and Google-parent Alphabet Inc have suffered declines on par with or exceeding those in broader stock indexes this year, as jumbo rate hikes delivered by an inflation-fighting Federal Reserve hit the tech and growth names that led markets in previous years.

Investment tools for the two categories are often different. An investor would opt to buy large-cap shares and invest in bonds & mutual funds. Traders would prefer more volatile small & midcap shares and also use commodity & currency market fluctuations to make quick profits.

"Despite the recent correction we have witnessed, India remains one of the costliest emerging markets currently probably because of better growth expectations and the quality of the companies listed. If one compares most of the developed markets too, India remains expensive."

Now today, we will have a look at one of the most popular fundamental metrics – price to earnings ratio. The Nifty50 PE ratio hit 19.87x on 12th May 2022 for the first time this fiscal. It hit a low of 18.92x on 17th June, the day Street witnessed a violent blood bath.

However, it did introduce a new scheme of taxation on crypto. Section 115BBH was introduced to tax all gains from the transfer of virtual digital assets (VDAs) at 30% without allowing any deduction for expenses nor setoff of any loss. Further, Section 194S was introduced to deduct TDS at 1% on all transfers of VDAs with an intention to widen the tax base.

Stock price movements in the near-term will be in anticipation of better-than-expected Q1 results in these segments. Metals stocks are likely to bottom out absorbing the poor Q1 results.

A 3 million-barrel cut to daily supplies would push benchmark London crude prices to $190, while the worst-case scenario of 5 million could mean “stratospheric” $380 crude, the analysts wrote.

Among oil producers, ONGC tumbled 13.4%, Oil India slumped 15.1% and Vedanta declined 4% while among refiners, Mangalore Refinery & Petrochemicals Ltd (MRPL) fell 10% and Chennai Petroleum Corporation Ltd (CPCL) shed 5.2%. The BSE Energy index was the biggest laggard among sector indices, down 4%.