Capital Paramount Opening Bell

The Indian markets extended their bear run for yet another day in last session and the major indices slipped to their one week low on concern of foreign fund inflow. Bluechips lost their traction, while the rate sensitives’ suffered profit booking after their recent rallies. Today, the start is likely to be flat but in positive terrain and the markets may see some recovery on good global cues. There will be some buzz in the oil & gas sector as the Oil Minister M Veerappa Moily has asked the Vijay Kelkar panel on energy security to suggest roadmap for freeing natural gas prices by March 2017, earlier Rangarajan panel had suggested freeing of gas prices in 3-5 years. The oil marketing companies too will be in action, as the Competition Commission of India (CCI) has started investigation into alleged cartelisation by oil marketing companies in fixing petrol prices. There will be some jubilation in sugar stocks, as the Uttar Pradesh cabinet gave in to a long-standing demand by the sugar industry to extend stamp duty and land registration waivers to existing as well as new sugar mills.

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