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Action in frontline shares on Indian bourses was muted on Monday morning after last week’s rally, but the mid-and small-cap stocks were buoyant. Consumer durables and real estate shares advanced, while capital goods, power and oil majors proved a drag.

Global cues were mostly positive, but domestic concerns like inflation and speculation about a 25 bps rate hike by the RBI on Tuesday weighed on sentiment.

Apart from Dr YV Reddy announcing follow up measures on April 29, the US Fed, probably will be announcing a pause in the rate-cutting spree on the 30th, but not before cutting down the rates by another 0.25 per cent. The first reading of the US Q1 GDP will also come on the same day and all eyes will then be on the April employment numbers that will come on Friday.

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India’s annual inflation rate remained at three-year highs above 7 per cent in mid-April, data showed on Friday, leaving the Reserve Bank of India with a dilemma over how to act at a review next week amid signs of slowing growth.

The price rise is expected to prompt Reserve Bank of India (RBI) to further tighten money supply in its annual credit policy slated to be announced on April 29. Continue Reading»

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World oil prices, which had threatened to break the symbolic $120 a barrel level, fell further on Friday after a strengthening US dollar and rising US crude stockpiles prompted traders to lock in profits.

New York’s main oil futures contract, light sweet crude for delivery in June, slid 46 cents to $115.60 per barrel. The benchmark contract closed down $2.24 at $116.06 a barrel during floor trading at the New York Mercantile Exchange on Thursday.

In the foreign exchange market yesterday, the dollar gained in value against the euro amid speculation the US Federal Reserve soon might end its campaign of cutting interest rates. A stronger US currency makes dollar-priced crude more expensive for foreign buyers, tending to discourage demand.

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When will crude stabilize?

International concern mounted as world oil prices edged closer to $120 a barrel. Analysts said a weakening US dollar, supply worries in Nigeria and the OPEC cartel’s reluctance to increase output have all contributed to the price surge. A weakening US dollar has spurred oil demand because dollar-priced oil becomes cheaper for buyers holding stronger foreign currencies.

Saudi Arabia is the biggest producer in the Organisation of the Petroleum Exporting Countries (OPEC), which on Tuesday said that it plans to increase its production capacity by five million barrels per day (bpd) by 2012. OPEC’s secretary general Abdalla Salem El-Badri said OPEC aimed to boost production capacity by nine million bpd by 2020. Current OPEC output stands at about 32 million bpd.

Many analysts expect the Federal Reserve to cut interest rates further this year to try to shore up the ailing U.S. economy, a move that would likely further weaken the dollar.

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Country’s largest private sector lender ICICI Bank jacked up auto loans by up to 0.75 per cent even before the RBI decided to increase statutory deposits last week as a part of inflation controlling measure. ICICI Bank could further revise rates depending on the market condition and competition.

Auto loan prior to the hike was in the range of 13.5-14 per cent, which have gone up by 0.75 per cent during the month.

Last week, the Reserve Bank (RBI) hiked Cash Reserve Ratio, the amount of depositors’ money that banks need to park with it, by half a per cent to tighten money supply. The hike, which would take CRR to 8 per cent, will impound Rs 18,500 crore from the banking system leading to reduction in the margins of the banks.

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