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Monday, January 07, 2013

Crude climbs up on supply decline

Prices gain 2.5% on a weekly basis Crude Oil futures finished higher at Nymex on Friday, 04 January 2013. Prices rose finding support from a hefty drop in last week's U.S. crude supplies, but also pressured by a stronger dollar, as traders weighed concern over a potential end to the Federal Reserve's monetary stimulus this year. Light and sweet crude-oil futures for delivery in February tacked on 17 cents, or 0.2%, to settle at $93.09 a barrel on the New York Mercantile Exchange. Prices, which traded between $91.52 and $93.15, climbed 2.5% for the holiday-shortened week.

Daily News Roundup - Jan 7 2013

The government has allowed Cairn India to further explore its prolific Rajasthan oilfields, which can raise the block’s output to 300,000 barrels per day from current 175,000 bpd, oil minister said. (ET) MAS GMR Aerospace Engineering is in talks with SpiceJet for offering aircraft maintenance repair and overhaul services for the airline’s newly acquired Bombardier Q400 fleet, a senior official of the GMR Group said. (ET) Dr Reddy’s Laboratories, which is in the process of acquiring Netherlands-based specialty pharmaceutical company OctoPlus NV for about €27.4m, has so far managed to get nearly 80% shares in its favour. (ET)

Market to play it cool

"It doesn't matter if the water is cold or warm if you're going to have to wade through it anyway" - Teilhard de Chardin The weather of course is as cool as one may have experienced. The market has nothing really to warm up to immediately except the results which will start pouring in later this week. The outlook is a flat opening with a narrow range movement anticipated. Asian stocks are moving in and out of positive territory. The Nikkei is slightly lower. Hang Seng is marginally higher. Samsung Electronics Co. and LG Display Co. fell in Seoul after being fined by China for price fixing. The US market had closed in the green on Friday.

Flat to positive start likely

The Indian indices expect to open on a flat to positive note led by mixed Asian cues. SGX Nifty is also trading 8.50 points higher. Stock in news: Dr Reddy's acquires 80% shares in OctoPlus. Goldman, 5 others shortlisted for NTPC share sale. Two dead in IOC terminal fire at Hazira, Gujarat. Indian Indices: On the first trading day of the week, the Indian markets may open on a flat to positive note on account of mixed Asian cues. SGX Nifty is also trading 8.50 points higher. On Friday (January 04, 2013), the Sensex settled at 19784, up by 19 points while the Nifty closed at 6016, rising by 6 points Global Indices: Asian stock markets outside Japan edged up on Monday (January 7, 2013), supported by data showing that the US economy continued on a path of slow but steady recovery that had pushed Wall Street stocks to a five-year high. European shares set a 22-month high on Friday (January 04, 2013), buoyed by supportive data and led by rig contractor Transocean, which agreed to settle US government charges over BP's Gulf of Mexico oil spill. US stocks traded higher on Friday after the US Bureau of Labour Statistics said that the unemployment rate in the United States was unchanged in December at 7.8%. Daily trend of FII/MF investment in equities: The FIIs have been the net buyers Indian stocks to the tune of Rs1439.50 crore on January 03, 2013. The domestic investors sold Indian shares worth a net of Rs306.50 crore on January 03, 2013. The data is as per the SEBI website. Commodity Cues: Crude oil ended modestly higher on Friday ahead of a major pipeline expansion which analysts said will lead to still-higher prices for the benchmark contract.

Market may open slightly higher

The market may open slightly higher, tracking mostly higher Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 11 points at the opening bell. Punjab National Bank after trading hours on Friday, 4 January 2013, said that the bank has received all regulatory approvals including CCI for acquiring 30% stake in Metlife India Insurance Co. On closing of the transaction, the company will be rebranded as PNB Metlife India, PNB said in a statement. ING Vysya Bank after trading hours Friday, 4 January 2013, said that the Reserve Bank of India has approved increase in investment limit by FIIs in equity shares of ING Vysya Bank under portfolio investment scheme (PIS) to 30% from 24%.