Sensex gains over 150 pts

Upside momentum continued on the benchmark Sensex for second consecutive day, supported by oil & gas ahead of EGoM meet today. Metal, financial and auto stocks too were on buyers' radar. The Nifty went up above 5350 level.

Fall in crude oil prices was another reason behind upside in Indian markets. Brent crude falls 6% after International Energy said would release 60 million barrels crude oil from emergency stocks in July

Oil & gas stocks rallied - ONGC, BPCL and IOC gained 2-2.5%. HPCL surged 4%.

Big money, high risks in Asia casino growth

U.S. billionaire Sheldon Adelson, the future of Asia's gaming boom looks rosy. After building some of the world's most profitable casinos in Macau and Singapore, Adelson, like MGM Resorts and Pinnacle Entertainment, is keen to diversify, eyeing markets such as Taiwan, the Philippines and Vietnam.

The stakes are high and so are the risks.

It was only less than three years ago that Adelson's now $28 billion gaming empire was ravaged to the brink of bankruptcy. The 2008 financial crisis sent shares in Las Vegas Sands (NYSE: LVS ), parent of Macau unit Sands China (HKSE: 1928.HK ), plummeting.

Diesel, kerosene and LPG price likely to be hiked by July

The oil ministry has submitted a proposal to the Empowered Group of Minister (EGOM) for fuel price hike. The ministry has proposed that customs duty on crude oil be scrapped along with the excise duty on diesel.  The ministry has sought a Rs 4 hike on diesel, if duty stays. Similarly, Rs 150 hike in liquefied petroleum gas (LPG) and Rs 9 hike in kerosene would help the ailing oil and gas sector, says the oil ministry. 

Meanwhile, the government is expected to raise diesel, cooking gas and kerosene prices next month after a gap of one year as cash-strapped state oil marketing companies complain that their borrowings have risen alarmingly and they will be forced to cut fuel supplies, starting with cooking gas.

Sensex consolidates

Volatile trade has been continued for the third consecutive day today, especially after a fall in previous four sessions to four-month low. The Nifty too has been consolidating in a narrow range of 5250-5300 since Tuesday.

Experts feel that there would be breakdown, citing gloomy picture across the globe and one more round of rate hike from RBI.

Nilesh Shah, Managing Director and CEO of Envision Capital feels that valuations of Indian equities have become attractive; however, investor mood is still pessimistic. “The Nifty may break its 5,200 lows if Reserve Bank of India (RBI) continues to raise policy rates,” he said.

The 30-share BSE Sensex was trading at 17,584, up 34 points and the 50-share NSE Nifty went up just 5 points to 5,282. However, broader indices continued to reel under selling pressure, with falling 0.5%.

Quiet session on Dalal Street

It was a quiet session on Dalal Street, with frontline indices hovering around Tuesday’s closing.

The Nifty ended the session absolutely flat at 5,278, while theSensex closed marginally in the red.

Experts say there has been a breakdown. According to experts, the Nifty may find support at 5,000-5,100 level.