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Markets up on GDP numbers, easing Dubai debt concerns
The stock markets rose sharply on Monday on the back of strong gross domestic product (GDP) numbers and firm global cues. The Sensex closed at 16,926, higher by 294 points, and the Nifty re-gained the 5,000 mark to close at 5,026, up 84 points, on a steady day of trade. The Sensex had surpassed the 17,000 mark (17,096) in intra-day trades.

Highways development back on track in 2009
In contrast to the lull in 2008, road-rollers and wheel loaders returned to action across the country as the government awarded highway projects worth Rs 20,000 crore in 2009 that saw Mumbai get India"s first and longest open sea cable-stayed bridge.

News of the day

Probe panel holds Gammon responsible for mishap
A probe panel looking into the crane mishap at a Delhi Metro site during debris clearance today held Gammon India, the contractor, responsible, saying “mismanagement and lack of professionalism” from its part resulted in the incident, a claim rejected by the firm.
Corporate

Nifty expected to lose its support of 5,200

The benchmark indices rose for the second straight day today with S&P CNX Nifty closing at a 22-month high of 5,278. Nifty January futures closed at a premium to the spot and added 1.05 million shares in open interest through buy-side trades, indicating fresh long build-up. However, the Nifty remained range-bound after opening at higher levels. - F&O OUTLOOK: Next big resistance at 5,400 - Next big resistance at 5,400 - Scrap traders seek changes in tax duty structure - As Stock markets rise, short sellers on the wrong foot - Base metals to lose sheen - Sensex little changed; down 19 points Metal stocks were in demand due to surge in prices of base metals on the London Metal Exchange. The January futures of Tata Steel up 2 per cent on short-covering while Hindalco was up 6.4 per cent on fresh long build-up. Traders bought 175-185 strike calls of Hindalco on expectation of a further rally. JSW Steel was up 11.2 per cent on short-covering and fresh long build-up as the company announced an 88 per cent growth in crude steel production in the third quarter. The trading volume in put and call options suggests the Nifty has strong resistance above 5,300 and support around 5,200. Traders booked profit in the 5,200 call and initiated fresh short positions in 5,400 call options. This means the Nifty is expected to lose its support of 5,200 and may not even move around 5,400 in the near future. The 5,300 call saw change of hands through buy-side trades in the morning session and sell-side trades in the afternoon session, indicating strong resistance above 5,300. The Nifty is expected to move between 5,200 and 5,300 as the 5,200 put added 1.07 million shares in open interest through sell-side trades while the 5,300 put added 0.63 million shares in open interest, mostly through buy-side trades. Overall, the uptrend is likely to continue with next resistance at 5,370, says Gautam Shah, a technical analyst at JM Finance. According to a technical analyst at Edelweiss Research, the Nifty has formed a strong bullish candle which can take it around 5,600 if it successful in going past the near-term resistance of 5,300.


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