Opening Bell: Markets to get a cautious start of the penultimate day of F&O expiry. The Indian markets managed a flat but positive closing in last session after declining in last two sessions. Trade remained impacted due to decline in rate sensitives’ and was also weighed down by the weakness in rupee. Today, the start of the penultimate day of the F&O expiry is likely to remain cautious, though volatility may emerge in the latter part of the day. Markets will be getting some support with Union Cabinet approving the methodology for auctioning coal blocks, enabling the government to allot coal mining licences through competitive bidding for the first time. Also, RBI in its latest initiative of relaxing norms to raise funds from abroad has said that now all types of companies can avail trade credit facility from overseas for import of capital goods. Earlier, only companies in the infrastructure sector were allowed to raise such trade credits. There will be buzz in the oil and gas sector too, as the Cabinet Committee on Economic Affairs (CCEA) approved the long-awaited shale gas and oil exploration programme to boost domestic output. However, the PSU oil marketing companies will be in somber mood, as the oil minister M Veerappa Moily has said that there was no proposal to hike diesel and cooking gas rates just yet. Though, the final meeting of the Kirit Parekh panel is likely to take place today and it may recommend an export parity pricing (EPP) plus coastal tariff and central sales tax (CST) for diesel.
Posted on: Wed, 25 Sep 2013 03:35:08 +0000