The market update for India in November 2021, with a focus on the construction sector, is as follows.
- India’s crude steel production rose by 4% from 9.5 million MT in Sep 2021 to 9.8 million MT in Oct 2021.
- TMT rebar prices increased by Rs. 3,001 to Rs. 83,501/- per ton in November 2021.
- After a substantial jump in Oct 2021, cement prices fell by 3.4% in Nov 2021 to Rs. 420 per bag.
- Crude oil prices slipped significantly by 14.8% as a rebound in Covid-19 cases due to Omicron variant raised concerns over demand. Prices declined to USD 70.8 per barrel in November 2021.
- The benchmarks stock market indices, BSE Sensex and Nifty 50, fell sharply by ~ 3.8% in November 2021, due to several factors including fear of new Covid-19 wave and higher interest rates.
- The Consumer Confidence Index of the RBI increased from its all-time low of 48.5 in May 2021 during the second wave of the pandemic to 62.3 in Nov 2021. This is the highest level this year.
- Gold price restarted their upward march again by 4% to Rs. 4,741 per gram at the end of October, after a dip in September 2021.