Daily Market Strategy: All that Gas! Indices set to flare The price of gas is set flare after the Cabinet Committee on Economic Affairs decided to almost double the price of domestically produced natural gas to $8/mmBtu from April 2014 (presently $4.2 ). Expectedly, RIL, ONGC and the other oil & gas counters will be in action riding on this news. On the other hand, gas-based power generators will see a hit as the move will lead to an increased cost of production. A lot seems to be happening these days and sometimes the good news breaks before time. The RBI announced ahead of schedule that the current account deficit (CAD) moderated to 3.6% of GDP in the January-March quarter thanks to an increase in exports and a marginal decline in imports. The fiscal deficit in rupees through May will be announced later in the day. The outlook today is a strong start. Global cues are healthy. Dow added 0.7% while S&P 500 gained 0.62% and Nasdaq was up 0.76%. slinvestments.in
Posted on: Fri, 28 Jun 2013 04:22:25 +0000
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