Mumbai: Has the rally lost legs? Oil is on the boil again. Fewer trading days this week might make market participants wary of taking positions. Here is a list of things to know before markets open.
The world over, investors are selling equities on concerns that higher oil prices will stoke inflation and hurt corporate profits. All stock market indices in the US declined on Friday. The S&P 500 lost 0.40% to end at 1,328. Asian markets too opened mixed on Monday morning. Read more...
Escalating violence in Libya and concerns that the unrest might spread to other oil producing countries sent crude rates higher. Brent crude is trading at $126.70 a barrel, higher by $0.05.
Inflationary fears are driving investors towards precious metals. Silver jumped to a 31-month high. Gold for immediate delivery rose to a record $1,476.55 an ounce in Singapore trading.
Could there be any succour? Libyan dictator Gaddafi has accepted mediators’ roadmap to end the violence in Libya. South African President Jacob Zuma led a delegation of African leaders for talks in Tripoli. The delegation also called on NATO to end strikes in Libya. Read more...
Meanwhile in India, another battle is brewing between Reliance Industries and NTPC. With the production from its KG D6 blocks falling, RIL does not want to commit more gas to NTPC prompting the latter to approach the oil & gas Ministry for arbitration.
The Bangalore unit of Bhel is planning to increase its capacity by one-third to 20,000 MW in 2011-12. The company plans to invest Rs. 100 crore on expansion of its glass insulator manufacturing unit. Also, Bhel and Bharat Electronics are floating a joint venture to set up a 250-MW solar photovoltaic modules plant. The factory is expected to cost Rs. 2,000 crore.
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