Asia gains as Wall Street extends record run, dollar slips
TOKYO Asian stocks rose on Wednesday, joining a record-setting session for global markets as investors cheered upbeat factory activity in Europe and solid earnings on Wall Street.
Reuters Market Eye - CLSA downgrades ONGC to "underperform" from "outperform". The brokerage also cuts IOC and HPCL to "sell" from "underperform".
CLSA says the rally in these state-owned stocks on the back of hopes for a hike in fuel prices is overdone, given any "sweeping" changes to pricing would be hard to implement in a "very busy" political calendar in 2013.
The brokerage adds Indian Oil and HPCL could see higher under-recoveries from a weaker rupee, while ONGC could see the government limit its subsidy burden in 2013.
IOC is down 0.3 percent, HPCL is down 0.6 percent, while ONGC is up 2.6 percent.
(Reporting by Abhishek Vishnoi)
TOKYO Oil prices held near multi-week highs on Wednesday after OPEC signalled optimism over its deal with other producers to curb output to clear a glut that has weighed on markets since 2014.
Gold slipped on Wednesday as the dollar firmed, with investors looking to minutes from the U.S. Federal Reserve's latest meeting for clues on the timing of interest rate hikes.