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Fix reasonable targets: Plan Comm to road ministry
Not impressed by the ambitious plans announced by Road Transport and Highways Minister Kamal Nath, the Planning Commission has advised the ministry to fix a “reasonable target” for construction of roads this year. “...Fix a reasonable target for award of contracts in the rest of the current year and raise it subsequently as soon as possible,” the commission said in a communiqué to the highways ministry. The commission pointed out to the ministry that it would not be able to award road construction contracts for more than 3,794 km in 2009-10, against a target of 12,652 km.

ICICI Pru ranked first for managing EPFO funds
ICICI Prudential AMC has emerged as the top earner by providing a return of 8.73 per cent on the EPFO funds, invested by the private fund house during the nine months period ended June 30.

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Recovery still fragile: RBI
India’s recovery from the global financial crisis is “still fragile”, according to Reserve Bank of India (RBI) Governor D Subbarao.
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Nifty may breach 4,941 support

Though the Nifty closed slightly below 5,000 today, the trading volume in the put and call options suggests that bulls will find it difficult to hold on to this level. - Sensex ends up 68pts - Markets still languish in the red - Markets remain weak - Markets still in red - Markets off day"s low - F&O OUTLOOK: Nifty may remain below 5,000 pts The Bloomberg data indicate selling in the October series 5,000 strike call with almost 55 per cent of the total volume changing hands in the last two sessions. The 5,100 and 5,200 calls today witnessed change of hands, possibly selling of long positions built up in the past few sessions. Going forward, the Nifty has an immediate resistance at 5,015 and support at 4,941. After breaching 4,941, the Nifty could test the next support, or lower end, at 4,750. The put option traders were today seen buying 4,700-5,000 strike puts, indicating that they expected the index to test the lower end of support. The open interest (OI) in 4,700-5,000 puts of the October series today increased significantly by 40-60 per cent, or 3.78 million shares, with the 4,900 put adding 1.60 million shares. The 4,900 and 4,800 puts now hold more than one-third of the total put OI and hence the index has strong support between 4,800 and 4,900. The Nifty tested 4,900 intraday and closed at 4,986.55 as anticipated. The strong rollovers in the Nifty futures, intraday short-covering and recovery in Dow futures also aided the recovery. The owner indices compiled by Instanex Capital suggested that domestic institutions had supported the market at lower levels when foreign institutions booked profits. The rollover in the Nifty October futures was marginally higher at 24.71 million shares compared to 23.05 million shares in the September futures same time last month. The futures have been trading at a premium to the spot for more than a week now, and hence most rollovers appear to be long build-ups. However, today’s intraday trading volume suggested that bears built up short positions when the index was trading above 4,985.


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