Crude Oil threatens stocks, Asian Markets
Dalal Street to open gap down, Libyan crisis nearing climax
Indian equities are likely to open gap down as Crude Oil claimed the USD 105 mark during Asian trade on Monday. Except China rest of the Asian markets are trading with loses of nearly one percent.
The Obama administration is considering tapping the Strategic Petroleum Reserve in response to rapidly rising gasoline prices brought on by turmoil in the Middle East, the White House chief of staff, William M. Daley, said on Sunday.
News Bytes
* NMDC to spend Rs 3,309 crore in capacity expansion
* L&T to raise Rs. 11,400 cr debt
* ICICI Bank to raise base rate by 50 basis points
* KVB to raise foreign holding cap to 35 pc
* SAIL raises prices by 3% in Jan
* GMR raises Rs 500-cr debt from PFC
* RBI to review monetary policy on March 17
* Finance Ministry wants RBI to focus on inflation as oil hardens
Markets - Crude is the dampener
While the undercurrent in the Indian markets still remains bullish, Crude Oil might hit the bulls pocket in the next few days. The put call ration in the F&O segment suggests good days for bulls ahead.
Oil & Gas stocks like Cairn India might perform well on global crisis. We expect Libyan crisis to end this week as the fighting reached the capital. We advice investors to have a bullish stance on the markets in the coming days.
