Indian shares may swing between gains and losses on Monday, tracking mixed Asian cues as concerns linger that higher energy costs could weigh on global economic growth. With Brent crude prices surging to over $125 barrel a barrel on Friday, investors will closely monitor developments in key crude producer Iran and macroeconomic data for direction.
Meanwhile, the Finance Ministers and Central Bank Governors of the Group of Twenty nations are working on securing a deal for a global rescue fund worth around $2 trillion to stave off Europe's protracted debt crisis, reports said Sunday.
Reports said, quoting a draft communique that the progress on talks regarding boosting IMF's resources will be reviewed in April when the leaders come together for their next meeting in Washington.
Closer home, state-run oil giant ONGC could be in focus ahead of a meeting of empowered group of ministers (EGoM) today to consider divesting government equity.
Vedanta group companies such as Sesa Goa and Sterlite Industries may also see significant action after Vedanta Resources, the London-listed metals and mining firm, unveiled plans to combine most of its key investments in India into a new single entity.
On Wall Street, the major averages lingered near the unchanged line for most of the session before eventually ending the day mixed on Friday, as traders seemed reluctant to make any significant moves amid doubts whether the global economic situation supports further upside for the markets.
Traders largely shrugged off some relatively upbeat economic data, including a report from Thomson Reuters and the University of Michigan showing an unexpected improvement in consumer sentiment in the month of February.
Another report from the Commerce Department showed a modest drop in new home sales in January, although sales came in well above estimates due to a revision to the December data.
by RTT Staff Writer
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