Opening Bell: Markets likely to extend the gains into new week. The Indian markets sensed some relief on the final day of the last trading week, traders mood got boosted with the gain in rupee. Today, the start of the eventful week, both from the political and economic front is likely to be in green. Traders will be eyeing the movement of rupee, as late Thursday Reserve Bank of India said it would sell Rs 22,000 crore worth of cash management bills (CMBs) every Monday. Also, the government is likely to announce a slew of measures, including relaxing norms for overseas fund raising by corporate. Marketment will keenly wait for the IIP data to be announced later in the day, Industrial output, as measured by the Index of Industrial Production, is seen contracting 1.1% in June. On political front traders will monitor the ongoing Monsoon session of Parliament. Government will introduce in Parliament the Bill to amend the Securities and Exchange Board of India (SEBI) Act that would give more powers to the capital market regulator SEBI. There will be some action in the oil & gas sector too, on the buzz that the oil ministry has proposed that only state-run ONGC and Oil India should be allowed to explore shale in blocks that were given to them without an auction, earlier successful explorers were allowed to explore shale oil and gas in their existing blocks without bidding.
Posted on: Mon, 12 Aug 2013 04:03:18 +0000
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