MARKET EYE-Indian shares up; oil companies extend recent gains

Mon Jan 7, 2013 9:53am IST

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* The BSE index gains 0.15 percent and the NSE index
 is up 0.12 percent.
* Upstream oil and gas companies extend gains on hopes that a
pricing formula recommended by a government-appointed panel will
help sharply raise the prices of domestic natural gas.
* Oil and Natural Gas Corp shares are up 1.2 percent,
and have gained 6.4 percent in previous three sessions, while
Cairn India Ltd gains 1.8 percent, adding to 5.4
percent gain in the previous two sessions.
* Domestic shares are likely to consolidate as recent gains have
come on the back of strong foreign inflows. Asian stocks drifted
on profit-taking from a New Year rally that had pushed markets
to multi-month highs.

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