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Reforms took a front seat with the government unshackling the oil & gas sector with a new exploration regime that allows a higher price of gas for new deep-sea fields. The Hydrocarbon Exploration and Licensing Policy, a policy for grant of extension to the Production Sharing Contracts for small and medium sized discovered fields and approval for the amendment to the Mines and Minerals (Development and Regulation) Act, 1957 made headlines on Thursday. Besides, a Real Estate Bill to protect interests of buyers and bring more transparency to the sector was passed in the Rajya Sabha.
The outlook is a flat to negative start. The 7600 mark continues to act as a stiff resistance. A run up in stock prices three weeks ahead of the policy, ECB guidance that further cuts will not take place soon and lack of faith in stimulus' ability to boost economic growth were the reasons for the fall in global markets. What will excite markets is a recovery in corporate earnings, both globally and in India. Next in focus will be statements by the US Fed and Japan Central Banker next week.
The ECB cut its key lending rate to zero from 0.05% and pushed the rate on its deposit facility to minus 0.4% from minus 0.3%. The ECB also announced that it would expand the size of its monthly bond purchases to €80 billion (US$86.86 billion) from its current level of €60 billion beginning in April and said it would expand the scope of bond purchases to include investment-grade, euro-denominated, non-bank corporate bonds. ECB president Mario Draghi said the central bank did not see the need to reduce interest rates further.
Asian markets are lackluster. US blue chip stock indices finished flat on Thursday while the Nasdaq declined modestly despite the European Central Bank (ECB) announcing fresh monetary easing measures.
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