Tuesday, February 22, 2011
Daily News Roundup - Feb 22 2011
Global oil major BP will buy a 30% stake in Reliance Industries’ oil and gas blocks, including the D-6 block, for US$7.2bn as part of a long-term deal that involves a total investment of US$20bn. (ET)
Sensex surges in late trade…Nifty reclaims 5500
The Indian markets suddenly sprung back to life in the last half and hour after languishing in the red zone for most part of the day. The IT, Oil & Gas and the Metal stocks led from the front. Buying in the index heavyweights like Wipro, TCS, ONGC and Reliance Industries lifted the NSE Nifty above the 5500 levels.
Lamenting on Libya!
There has never been an age that did not applaud the past and lament the present - Lilian Eichler Watson.
The wave of democracy seems to be sweeping the Middle East taking toll on the lives of protestors in Libya now. The unrest in Tunisia and then Egypt saw the toppling of regimes in power for decades. Perhaps it’s the turn of Libyan leader Muammar Gaddafi to step down now.
Libya woes may lead markets to start weak
Headlines for the day:
BP, Reliance in $7.2 billion deal
Irda wants life insurers to face 10% stake sale cap
Cairn changed stand on royalty: ONGC
Market may open lower on crisis in Libya; RIL in focus
The market may open on a weak note on an across-the-board slide in Asian shares caused by growing unrest in Libya. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 61 points at the opening bell. Stocks may remain volatile this week ahead of the expiry of the near-month February 2011 derivatives contracts on Thursday, 24 February 2011. As per provisional figures, foreign funds sold shares worth Rs 245.42 crore and domestic funds sold shares worth Rs 27.61 crore on Monday, 21 February 2011.
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