The global markets, lost the way in recent weeks could find their winning ways again as Cyprus turns into a bailout nation.The finance minister of Seventeen eurozone have cleared a deal that Cyprus reached with international bailout negotiators and this in turn could prevent a run on banks and a financial meltdown in the tiny region which has given world market the shivers. The Cyprus deal allows 10 billion euros of emergency loans.
The Indian market open on a positive the day and could race ahead in this holiday truncated week.Expect the usual roughness on account of F&O expiry coming in on Thursday. Asian indices are higher.
Japan’s Nikkei is high at 1.4%; South Korea’s Kospi is up 1.5% while Hong Kong’s Hang Seng Index is up over half a percent.China’s Shanghai Composite is flat.
Finance Minister P Chidambaram,announced on Saturday rationalisation of FII investment norms in both corporate and government bonds.
With diesel prices being hiked,stocks of oil marketing companies could remain in focus. Petroleum Minister said that the Cabinet would take up the shale gas exploration policy in two weeks.
RIL could be in action,there is no case for proceeding against key Reliance executives in the 2004 case, when the company was blamed for allegedly routing international telephone calls as local ones, says a report.
The Comptroller and Auditor General is likely to restart audit of Reliance Industries spending on the KG-D6 gas block early next month after issues over scope of the scrutiny are resolved to everyone’s satisfaction.
TCS could be in focus on reports that it may bag a Rs 1100 crore systems integration contract from India Post.
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