ECONOMY ANALYSIS
- Ukraine crisis drags Sensex 173 pts; ITC, Reliance gain
- Subrata Roy taken by road to Delhi for production before SC
- Ashok Leyland sells 7915 units in February 2014
- M&M sees 17% industry growth in tractor biz for FY14
- Jindal Stainless' EGM on March 26, 2014
- TAQA to buy JP Power's 2 hydel plants for Rs 10,000cr
- LIC invests Rs 35,293 cr in 9-month of FY'14 4.1%
MARKET ANALYSIS
- MUMBAI: Oil & gas major Reliance Industries has been witnessing selling pressure and in the last one-and-half months it has corrected over 9 per cent. The allegations by Aam Admi Party (AAP) founder and former Delhi Chief Minister Arvind Kejriwal gave traders enough reasons to sell the stock.
- However, analysts don't see the FIR filed by AAP as a major factor for the stock's recent correction. The stock has been stuck in a range for quite sometime and it is close to the lower end of trading range. The gas price hike notification may act a trigger for it to recover the recent losses.
- The government has approved gas price hike of $8 per mmbtu and this is likely to take effect from April 1, 2014. But this has not been notified, as yet. The gas price hike was okayed in June last year based on recommendations by a panel headed by C Rangarajan, the chairman of the Prime Minister's economic advisory council and former RBI governor.
- "The point is that this gas price hike is not only for Mukesh Ambani or Reliance Industries, it is for the entire oil and gas sector. It is as good for Indian Oil, Oil India or ONGC for that matter," he recently said in an interview to ET Now.
MARKET INDICES
INDIAN MARKET
INDEX
|
CLOSE
|
CHANGE
|
% CHANGE
|
SENSEX
|
20946.65
|
-173.47
|
-0.82
|
NIFTY
|
6221.45
|
-55.50
|
-0.88
|
BANK NIFTY
|
10651.95
|
-112.75
|
-1.05
|
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