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started the day on a flat-to-negative note following mixed cues of Asian markets. It was also witnessing volatility. Technology and metal stocks gained while realty, capital goods, private banking & financial and oil & gas stocks were under pressure.

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was trading at 4742, down 18 points and the Sensex was at 15870, down 65 points. However, the CNX Midcap was up 3 points to 7174 and the BSE Smallcap up 20 points 8211. Among the frontliners, Sterlite, Unitech, DLF, Suzlon Energy, PNB, ICICI Bank, HDFC Bank, ONGC, L&T, Reliance Industries, IDFC, Jaiprakash Associates and Jindal Steel were the losers.

Full Story: Nifty volatile pvt banks oil gas down tech metals up - Moneycontrol.com

Rediff

Sensex under pressure; oil & gas, IT, FMCG down Economic Times However, Asian counters were trading with minor losses Monday on the back of disappointing earnings and as oil prices rose. The Nikkei dropped 0.20 per cent ... Nifty slides below 4700…Metal, Oil stocks dragIndia Infoline.com Nifty volatile; Tata Steel, Hindalco, Wipro top losersMoneycontrol.com Sensex up 20 pts amid volatility; Realty, metal stocks riseMyiris.com Press Trust of India -Business Standard -Commodity Online all 253 news articles »

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Full Story: Sensex under pressure; oil & gas, IT, FMCG down - Economic Times

Nifty broke the 4700 mark and wiped out all of Saturday's gains on the back of sell-off across all the sectors. Oil & gas, technology, metal and financial shares were the major losers.

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The government estimated FY10 advance gross domestic product (GDP) at 7.2% as against 6.7% while the poll of economists saw at 7%. It sees fiscal gap at 6.5%. Manufacturing growth estimated at 8.9% versus 3.2%; mining growth at 8.7% versus 1.6%; construction growth at 6.5% versus 5.9% and industry growth at 8.2% versus 3.9%, on year-on-year basis, (YoY).

Full Story: Nifty breaks 4700 on FY10 GDP estimates; oil & gas dip - Moneycontrol.com

: The Kirit Parikh committee has recommended measures to deregulate the petroleum retailing sector. That would help public sector oil marketing companies like Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) as also private retailers such as Reliance Industries Ltd and Essar Oil.

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However, the committee has not taken note of the plight of upstream companies like ONGC, Oil India Ltd and GAIL India that are reeling under the subsidy burden. It makes one wonder if energy security is no longer a policy goal for the government. For example, the committee has supported measures like determining under-recovery on domestic LPG and PDS kerosene based on the import parity principle that should help the OMCs as well as private refiners. It has also recommended mopping up a portion of the incremental revenue accruing to ONGC and OIL from their production in nomination blocks and providing cash subsidy from the central budget to meet the remaining gap. Oil & gas exploration is supposed to be the backbone of every country’s energy security. India meets about 80% of its crude oil requirement through imports. And the country’s dependence on imported oil is expected to increase in the coming years as its economy is on a high growth trajectory.

Full Story: Parikh committee turns a blind eye to energy security - Financial Express

Iran's oil minister announced on Saturday the discoveries of an oil field and a gas field, estimating the total value of their reserves at $85 billion, a semi-official news agency reported.

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"This new oil field has reserves of 475 million barrels of oil, of which 70 million barrels are recoverable," he was quoted as saying by Mehr News Agency. "If we value the recoverable oil at $70 dollars a barrel, the estimated value of the newly-discovered oil at this field would be $5 billion," he said.

Full Story: Iran discovers new oil and gas fields: Report - Moneycontrol.com

TEHRAN -- Iranian Oil Minister Masoud Mirkazemi announced two oil and gas fields have been discovered respectively in western Kermanshah and southern Fars provinces.

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Soumar oilfield with 475 million barrels of in-situ crude oil reserve, 70 million barrels recoverable, and Halgan gas field with the daily production capacity of 50 million cubic meters of gas have been recently discovered, the Mehr news agency reported. Oil reserves in Iran rank third-largest in the world at approximately 136 billion barrels as of 2007, although it ranks second if Canadian reserves of unconventional oil are excluded. This is roughly 10 percent of the world's total proven petroleum reserves. Iran is the world's fourth-largest oil producer and is OPEC's second-largest producer after Saudi Arabia.

Full Story: Iran discovers new oil, gas fields - Tehran Times

Argentina and the United Kingdom are about to lock horns over UK companies' oil and gas explorations plans around the Falkland Islands, or Islas Malvinas.

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Buenos Aires has reiterated its rejection of oil and gas exploration programs by Britain around the south Atlantic islands and warned of the 'consequences' of such an action. "Argentina again warns the UK about the illegality and consequences of this new unilateral action, extensive to all private actors involved, that they will be liable of future legal demands in the maximum tribunals, for the potential exploration and exploitation of Argentine resources," the South Atlantic news agency, MercoPress, quoted unnamed sources with the country's ministry of foreign affairs as saying on Friday.

Full Story: Argentina warns UK about Falkland Islands oil - Press TV

The Kirit Parikh Committee report has outlined recommendations on aligning petroleum product prices with international prices and suggested a formula for sharing the subsidy burden with upstream oil companies, given that fiscal prudence is the need of the hour.

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The committee hopes to cap the government’s share of the subsidy burden by reducing total subsidy and consequently under-recoveries. It has fixed a crude price-linked formula for the share of burden to be shouldered by upstream companies. Key measures include eliminating all petrol and diesel subsidies by deregulating prices at the refinery and retail level. Secondly, reducing public distribution system (PDS) kerosene allocation across India by 20 per cent at least and raising PDS kerosene prices by Rs 6 per litre. Finally, the committee recommends increasing LPG prices by Rs 100 per cylinder.

Full Story: Oil and gas: Changing paradigm - Business Standard

The Hindu

Oil companies react to fuel price deregulation hopes Economic Times MUMBAI: Oil & gas counters witnessed a strong start on Thursday amid reports that the government is considering a proposal to deregulate fuel prices. ... Kirit Parikh panel for market-determined petrol, diesel pricesNetIndian Parikh report effect? Oil stocks surge up to 4pc on BSETimes of India Implementation of Parikh Committee report remains challenge: AmbitMyiris.com Calcutta Telegraph -Rediff -Economic Times all 238 news articles »

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Full Story: Oil companies react to fuel price deregulation hopes - Economic Times

The Hindu

Govt to consider fuel price deregulation proposal Economic Times Upstream state firms Oil and Natural Gas Corp and Oil India are required to sell crude at a hefty discount to ease the pain of fuel retailers, but the costs ... Kirit Parikh panel for market-determined petrol, diesel pricesNetIndian Kirit Parikh panel for freeing fuel pricesIndia Today all 178 news articles »

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Full Story: Govt to consider fuel price deregulation proposal - Economic Times