The market may open lower tracking mostly down Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 35 points at the opening bell. The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month November 2013 series to December 2013 series. The near month November 2013 derivatives contract expire on Thursday, 28 November 2013.
Cairn India will be in focus as a meeting of the board of directors of the company will be held today, 26 November 2013, to consider a proposal for buy back of equity shares of the company.
GAIL (India) after trading hours on Monday, 25 November 2013, said that the company has allocated one MMTPA of LNG volume sourced from the United States to its subsidiary GAIL Global (Singapore) Pte. (GGSPL) for trading in the global market. This experience of global trading would help to develop requisite skill sets and competence within the company and thereby expand the business in the global LNG market in a self-sustaining manner, GAIL (India) Chairman and Managing Director, Mr. B C Tripathi said. GAIL opened its Singapore office in 2011 through GGSPL for sourcing natural gas and for trading in LNG and petrochemicals, etc.
Mr. Tripathi also mentioned about GAIL's plans to venture into LNG shipping to bring LNG volume from the US, doubling the capacity of Dabhol LNG terminal, upstream investment in Tanzania and setting up floating LNG re-gasification terminal in Andhra Pradesh along with GDF Suez and Shell. He emphasized that going forward, innovative new business models are essential for the LNG industry which can provide flexibility and security in supplies while reducing the total cost of LNG to consumers. He reiterated that GAIL would continue to promote regional cooperation among Asian buyers and create Asian Gas Index so that LNG prices for Asia become in sync with market prices.
GAIL (India) was the first Asian company to have signed a long term LNG Sales and Purchase Agreement with Sabine Pass Liquefaction, LLC, USA in 2011 for supply of 3.5 MTPA LNG over 20 years. This agreement had price linkage with Henry-Hub price instead of crude oil and signalled a new approach in gas pricing. Building on this deal, GAIL signed a Terminal Service Agreement with M/s Dominion Cove Point LNG LP for booking 2.3 MMTPA liquefaction capacity in the Cove Point liquefaction terminal in the US. The US subsidiary of GAIL contracted half of Dominion's capacity for 20 years. GAIL also executed a long-term Gas Sale and Purchase Agreement with Gazprom Marketing and Trading Singapore for supply of 2.5 MMTPA LNG per annum from its Shtokman production facilities over a period of 20 years. GAIL signed an MoU with EDF Trading of the US for cooperation in the areas of North American upstream equity investments, gas supply to export facilities and LNG supply optimization.
Asian Paints after trading hours on Monday, 25 November 2013, said that its wholly owned subsidiary -- Asian Paints Industrial Coatings (APICL) -- has closed down the operations of its powder coatings plant at Baddi, Himachal Pradesh with effect from 25 November 2013 due to significant decline in the processing volume of powder coatings over the last two years. APICL's plant at Sarigam, Gujarat will continue its normal operations and is sufficient to cater to the future requirements, Asian Paints said in a statement.
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The Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled 28 January 2014.
Trading for the week began on an upbeat note as key benchmark indices surged on Monday, 25 November 2013 as crude oil prices dropped after the US and five other world powers agreed with Iran on Sunday, 24 November 2013, to ease part of an economic stranglehold in exchange for steps aimed at capping Iran's nuclear program and ensuring the country's Islamist government doesn't rush to develop atomic weapons. The S&P BSE Sensex garnered 387.69 points or 1.92% to settle at 20,605.08 on that day, its highest closing level since 20 November 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 837.80 crore on Monday, 25 November 2013, as per provisional data from the stock exchanges.
Most Asian stocks declined on Tuesday after valuations climbed to near the highest level in six months. Key benchmark indices in China, Indonesia, Singapore, Japan, and South Korea fell by 0.07% to 0.69%. Key benchmark indices in Taiwan and Hong Kong rose 0.13% to 0.61%.
Most Bank of Japan board members agreed that inflation was likely to reach around 2% toward the latter half of the projection period of between the 2013 and 2015 fiscal years, according to minutes of the Oct. 31 meeting released today in Tokyo.
US stocks were little changed on Monday after a modest rise that lifted the Nasdaq composite index above 4,000 for the first time since September 2000.
The number of contracts Americans signed to buy previously-owned homes unexpectedly fell in October for a fifth consecutive month amid higher borrowing costs that are denting the real-estate recovery. The gauge of pending home sales decreased 0.6% after a 4.6% drop in September, the National Association of Realtors said in Washington.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States on 17-18 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy.
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