But bears are swiping again and the bulls are beginning to look tired

The market witnessed a subdued trading session today on dismal global cues but oil & gas stocks gained on the news of the government's decision to decontrol petrol prices. The Sensex closed at 17,574, down by 155 points (0.8%) and the Nifty ended lower at 5,269, down 51 points (1%). The bourses started the day on a weak note, taking cues from Asian markets. Trading was range-bound with the indices sliding sharply in the afternoon session.

Asian markets were down for a fourth straight session on Friday on concerns of tighter financial regulations ahead of the weekend G-20 meeting in Canada. Key benchmark indices in China, Singapore, Hong Kong, Japan, Taiwan and South Korea were down by 0.2% to 1.9%. Indices in Indonesia and Singapore rose by 0.2% to 1.1%. 

Wall Street was down on Thursday on concerns over consumer weakness and stringent financial regulations. The Dow was down 145.6 points (1.41%) to 10,152.8. The S&P 500 was down 18.3 points (1.68%) to 1,073.7. The Nasdaq was down 36.8 points (1.6%) to 2,217.4.

China's ministry of commerce said that exporters need not fear about the free float of the yuan. The country said on Saturday that it would once again allow the yuan to move more freely after having kept the currency more or less pegged to the dollar for two years to provide stability for exporters during the global downturn.

Back home, the government has decided to increase petrol prices and hiked prices of other fuels. A panel of ministers increased the petrol price by Rs3.5 per litre, while kerosene prices would rise by Rs3 a litre. Diesel prices will rise by Rs2 per litre and will be freed up in the future. Cooking gas prices have been raised by Rs35 a cylinder.

The government said that the monsoon rainfall will be 102% of the long-term average. The southwest monsoon, which is nearly 10 days behind its normal schedule over north India, is expected to strengthen with the formation of a low-pressure area in the Bay of Bengal.

Foreign institutional investors were net buyers of stocks worth Rs1,154 crore on Thursday. Domestic institutional investors were net sellers of equities worth Rs894 crore. 

MIC Electronics (up 3.1%) has entered into a collaboration with Indian Oil Corporation (IOC) for study and development of combined solar and LED light-source based products as well as projects for a foray into green and energy-efficient technologies.

The board of Kemrock Industries and Exports (down 1.5%) has approved the conversion of 9,11,268 warrants into equal number of equity shares of Rs10 each upon exercise of option by RPM International Inc, US out of the total 16 lakh warrants held by it.

GMR Infrastructure (up 0.5%) has won the bid to build, operate, modernise and expand the Male International Airport (MIA), Maldives-one of the fastest-growing airports in the region. MIA includes a sea-plane port also. The mandate is for the next 25 years.

Reliance Natural Resources (up 3.3%) and Reliance Industries today signed a revised Gas Supply Master Agreement (GSMA). RNRL will now take appropriate steps requesting the government of India for expeditious allocation of natural gas to facilitate implementation of the deal.

Shareholders of Marathon Nextgen Realty (down 0.9%), at the Extra-ordinary General Meeting (EGM) held on 25th June, accorded authority to the board to capitalise Rs6.32 crore out of the amount standing to the credit of the general reserve for the issue of bonus shares in the proportion of one equity share of Rs10 each for every two shares held.

IDBI Bank (down 0.6%) has received a letter from the government of India, dated 22nd June, conveying readiness to infuse Rs3,119.04 crore by way of preferential allotment of equity to enable the bank to maintain a Tier-1 CRAR of 8% to meet its targeted growth.