Opening Bell: Markets to see some recovery on sanguine global cues. The Indian markets suffered selling in last session mainly on global cues and some on the reports that finance ministry has mooted cap on gas prices, asking Reliance Industries to sell the quantity of gas by which it has fallen short of targets during the past three years at the present rate of $4.2 per unit. Though, the oil & gas sector is likely to remain under pressure even today with the proposals, but the markets are likely to get a good start tailing sanguine global cues. Meanwhile, in view of deteriorating markets and depreciating rupee the government has decided that key macroeconomic data including GDP and IIP numbers will now be released after market hours. Now GDP, CPI and Index of Industrial Production (IIP) data will be released at 5.30 PM in the evening. Traders will also be eyeing the movement of rupee and bullion as the dollar slumped and gold jumped to its highest in more than two weeks after Federal Reserve Chairman Ben Bernanke said the US central bank will continue to pursue an accommodative monetary policy for now. Jewellery exporters may see some upmove on the report that government is considering incentives for gold jewellery exporters hit by restrictions imposed on import of the metal to contain current account deficit. Read more at rsec.co.in/market-and-news/equity/market-outlook/daily
Posted on: Thu, 11 Jul 2013 03:55:23 +0000
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