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F&O OUTLOOK: Nifty likely to trade above 5,100 this week
The Nifty convincingly closed above the 61.8 per cent retracement levels of 4,940 on short-covering. The V-shape recovery is expected to continue with the Nifty likely to complete 100 per cent retracement this week of its recent fall from 5,181 to 4,538. Options data suggest the index has strong support at 4,900 and is building fresh support at 5,000.

J&K Bank Q3 net up 16% to Rs 140 cr
Jammu & Kashmir Bank today reported growth of 16 per cent in its net profit at Rs 139.99 crore for the quarter ended December 31, 2009, over the same period last year.

News of the day

DRDO develops equipment for swine flu diagnosis
The DRDO has developed a rapid and cost-effective "Swine Flu virus H1N1 specific isothermal gene amplification assay" for reliable and early clinical diagnosis of the disease, the Lok Sabha was informed today.
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Utilisation of funds under NREGS declined in 2008-09

The utilisation of funds under the National Rural Employment Guarantee Scheme (NREGS), the flagship programme of the United Progressive Allinace (UPA) government, declined to 75 percent in 2008-09 from 82 percent in 2007-08. - Mega expansion of NREGS today - Changes likely soon in NREGS to address drought - PM should talk to CMs on drought-like conditions: Rajnath - Few people get 100-day employment under NREGA - States not doing enough in health sector: Azad - Mittal for greater business-politics ties There was state wise variation of only 5.71 percent of the families provided with 100 days employment, says the citizens’ report on governance and development 2008-09 prepared by National Social watch Coalition (NSWC). The scheme is also plagued by delay in setting up of implementation structure, shift in supply driven to demand driven approach, inadequate and ineffective awareness campaign, massive siphoning and embezzlement of funds in certain cases, the report stated. Presenting the report at the Centre for Youth and Social Development (CYSD), Himansu Ojha, representative, NSWC said, due to the low absorption capacity of the Urban Local Bodies (ULBs), the progress of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) was slow pertaining to the utilisation of funds. The preparation of the detailed project report (DPR) and the sanctioning process indicated the adoption of classical project approach, necessitating comprehensive study comprising institutional, financial, social and environmental aspects. On the issue of access to justice, there were mixed response regarding cases of environment, development rights and civil liberties. Case on mining in Niyamgiri hills leaves many questions un-answered.


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