Market में wealth बनाने के दो बड़े रास्ते हैं — Equities (Stocks) और Commodities (Gold, Silver, Crude, Metals, Agri). दोनों की चाल, risk, tax और trading mechanics अलग हैं. समझिए one-shot comparison में:
⚖️ Quick Difference Table
पहलू | Equity (Stocks/Equity F&O) | Commodities (Futures/Options) |
---|---|---|
Underlying driver | Company earnings, sector growth | Global demand–supply, geopolitics, weather, USD |
Use-case | Long-term compounding + dividends | Hedging + trading (trend/cycle plays) |
Volatility | Moderate (stock-specific high) | Generally higher, sharp moves common |
Leverage/Margin | F&O पर margin; delivery में नहीं | Futures पर margin (daily MTM), leverage inherent |
Trading hours | 9:15 AM–3:30 PM (Mon–Fri) | Extended evening session तक (Mon–Fri) |
Settlement | Shares/Demat; F&O cash-settled | Futures MTM; कुछ contracts में physical delivery risk |
Lot size | Cash: 1 share; F&O fixed lots | Fixed lots (kg/tonne/bbl), ticket size बड़ा |
Diversification | Sectors/indices से आसान | Multi-commodities possible, पर cycles अलग |
Tax (high-level) | Delivery: STCG 15%, LTCG 10%>₹1L; Intraday = Speculative (slab); F&O = Business income (slab) | Commodity F&O = Business income (slab) |
Transaction levy | STT (equity) | CTT (commodity derivatives) |
📈 Return vs Risk: Nature of Moves
- Equity: Earnings growth, market share, corporate governance पे re-rate. Index funds से steady compounding, individual stocks में idiosyncratic risk.
- Commodities: Macro-sensitive — USD, rates, geopolitics, inventory data, OPEC/strikes/monsoon. Trends तेज़, reversals भी तेज़; stop-loss discipline critical.
🧱 Margin, MTM और Delivery Risk (Commodities)
- Futures में initial + maintenance margin लगता है; रोज़ MTM settlement होता है.
- Gap moves में additional margin/MTM hit आ सकता है — position sizing छोटा रखें.
- कई contracts में expiry के पास physical delivery intent खुलता है — unwanted delivery से बचने के लिए positions समय पर square-off/roll करें.
🕒 Trading Windows
- Equity cash/derivatives: आम तौर पर 9:15–3:30.
- Commodities (MCX): Morning start, late evening तक session (global cues track करने हेतु). Exchange circulars/ब्रोकर ऐप में latest timings देख लें.
🧾 Taxation (India – concise view)
- Equity Delivery:
- STCG (<12 months) = 15%
- LTCG (≥12 months) = 10% on gains exceeding ₹1 lakh/financial year
- Equity Intraday: Speculative business income → slab rate
- Equity F&O: Non-speculative business income → slab rate
- Commodity F&O: Non-speculative business income → slab rate
- Set-off basics:
- Speculative loss (intraday equity) केवल speculative gains से set-off
- Non-speculative business loss (F&O equity/commodities) अन्य income (salary छोड़कर) से set-off; carry-forward rules apply
🧩 किसके लिए क्या बेहतर?
- Long-term wealth builders (5–10+ yrs): Core में Equity (Index/Flexi/Multi-cap), satellite में selective sectors.
- Hedgers/Traders: Input-cost/price-risk hedge या short-to-medium-term trends खेलने के लिए Commodities (Gold, Silver, Crude, Base Metals, Agri).
- Diversifiers: Portfolio में 5–10% precious metals (Gold/Silver via SGB/ETF/ETFs+FoF/COMEX-linked exposure) correlation hedge दे सकते हैं.
🧠 Practical Playbook
- Core–Satellite:
- Core (80–90%) = Broad equities (Index/Flexi/Multi-cap).
- Satellite (10–20%) = Sector/thematic + commodities.
- Position sizing: Commodities में lot-size बड़ा और volatility high — छोटे size से शुरू करें, fixed risk/stop-loss रखें.
- Roll discipline: Futures में expiry calendar track करें; forced delivery risk avoid करें.
- News risk: Inventories (EIA/LME), OPEC, USDA, China data, Fed/US CPI — commodities पर सीधा असर.
- Product choice:
- Equity: Direct stocks/ETFs/Mutual funds/F&O.
- Commodities: Exchange-traded futures/options; investment intent के लिए Gold via SGB/ETF ज़्यादा सुगम.
- Costs: Brokerage + exchange txn + GST + stamp + STT/CTT — net P&L पर नज़र रखें.
❌ Common Mistakes
- Equity knowledge को ही commodities पर copy-paste करना
- Lot-size और MTM risk underestimate करना
- Expiry के पास positions भूल जाना (delivery risk)
- Over-leverage/averaging losses; no stop-loss
- सिर्फ़ short-term P&L देखना, risk-adjusted returns नहीं
📦 निष्कर्ष
- Equity = Ownership & compounding; Commodities = Cycles & hedging/trend trades.
- दोनों साथ में रखने से portfolio का risk–return बेहतर balance हो सकता है — बशर्ते sizing, discipline और tax/cost awareness हो.
- Beginners core equity से शुरुआत करें; commodities में धीरे-धीरे, well-defined rules के साथ उतरें.