Focus will be on fiscal prudence in Budget: Religare MF

Thu, Feb 28, 2013 at 09:16

In an interview to CNBC-TV18, Vetri Subramaniam, CIO of Religare Mutual Fund spoke about outlook for the market ahead of Budget 2013-2014.

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Focus will be on fiscal prudence in Budget: Religare MF

In an interview to CNBC-TV18, Vetri Subramaniam, CIO of Religare Mutual Fund spoke about outlook for the market ahead of Budget 2013-2014.

Like this story, share it with millions of investors on M3

Focus will be on fiscal prudence in Budget: Religare MF

In an interview to CNBC-TV18, Vetri Subramaniam, CIO of Religare Mutual Fund spoke about outlook for the market ahead of Budget 2013-2014.

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Fiscal prudence is clearly the message that we will expect to see in this Budget.

Vetri Subramaniam

CIO

Religare Mutual Fund

In an interview to CNBC-TV18, Vetri Subramaniam, CIO of Religare Mutual Fund spoke about outlook for the market ahead of Budget 2013-2014.

Below is a verbatim transcript of the interview:

Q: Which way do you think this one is leaning, between fiscal prudence or an impetus on growth and which one do you think the market would rather hear?

A: The focus is going to be on fiscal prudence . You have had a Finance Minister (FM) who has travelled far and wide reaching out to investors both in India as well as overseas talking about how he is putting the country back on track in terms of getting the fiscal deficit under control. Clearly one of the key audiences that he has been addressing over the last few months has been the credit rating agencies.

So, this Budget has a lot to do with fiscal prudence. Certainly the fiscal deficit numbers are something that he has already gone out on a limb. That is something that we will certainly hold him by.

At the same time, all Budgets are one of the few opportunities where FM gets to stand up in parliament and address a very large constituency, not just those of us who are in the market but also the lay people. Therefore in that sense it is always going to have a tinge of politics, which is very different from saying that it will be populist. However, certainly politics has to play a role in delivering that Budget and  therefore you will see the hand of that.

As I said, that is a little different from saying that it will be populist. Fiscal prudence is clearly the message that we will expect to see in this Budget.

Tags: Vetri Subramaniam, Religare Mutual Fund, Budget 2013, Union Budget 2013 - 14, Ministry of Finance, India Budget 2013, Indian Budget 2013, Budget 2013 India, Live Budget, Live Budget Updates, Budget Highlights, 2013 Budget, Budget 2013-14, Finance Budget, Budget 2013 Highlights, Budget 2013 Speech, Budget 2013 Tax Reduction, Budget 2013 Tax Changes, Indian Budget Deficit, Direct Tax Code 2013

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highlights

• Economic slowdown a wake-up call for stepping up reforms
• Future shift in RBI policy stance would be desirable.
• Tight RBI policy led to sharper-than-expected slowdown
• April-December data shows 5.3% fiscal gap aim 'achievable'.

more »

flashes

• Budget a significant event given current BoP crisis: Nirmal Jain
• Freeze in government spending to impact economic growth: Vetri Subramaniam
• FY14 Budget not a make or break event for economy: Vetri Subramaniam
• Budget unlikely to be populist but may be driven by politics:Vetri Subramaniam

more »

InterpretationS

• Railway minister has done a commendable job in meeting competing demands of improving services and controlling expenditure: PM
• It is a reformist and forward- looking Budget: PM
• If you look at the overall Budget, it was relatively muted and there was nothing exciting and no steps were taken, which would make the market happy: ICICI Direct
• There is no major capex from the civil construction on the freight corridor, though some investments are coming on the metro side: KEC International

more »

SECTOR IMPACT

Select Sector to see impact

EXPECTATIONS

expectation on: Policy

Latha Venkatesh

Banking editor | CNBC-TV18

expectation on: Policy

Kiran Mazumdar Shaw

CMD | Biocon

expectation on: People

Saumitra Chaudhuri

Member | PMEAC

expectation on: Markets

Tirthankar Patnaik

NULL | Religare Cap Markets

expectation on: Markets

Ajay Srivastava

CEO | Dimensions Consulting

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Mercator International's stake in Mercator Lines Singapore drops from 71.95% to 68.44%

Thu, Feb 28, 2013 at 09:18

Mercator International's stake in Mercator Lines Singapore drops from 71.95 percent to 68.44 percent.

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Mercator International's stake in Mercator Lines Singapore drops from 71.95% to 68.44%

Mercator International's stake in Mercator Lines Singapore drops from 71.95 percent to 68.44 percent.

Like this story, share it with millions of investors on M3

Mercator International's stake in Mercator Lines Singapore drops from 71.95% to 68.44%

Mercator International's stake in Mercator Lines Singapore drops from 71.95 percent to 68.44 percent.

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With reference to the earlier announcement dated January 02, 2013 regarding the Company's Singapore based step-down subsidiary, Mercator Lines (Singapore) Ltd. (MLS) entering into early termination and settlement agreements with the owners of two vessels and the compensation payable in the form of cash compensation and issue of new ordinary shares in the capital of MLS. MLS has issued and allotted 64,215,205 new ordinary shares in its capital pursuant to the terms of early termination agreement, Mercator Ltd has now informed BSE that the total capital of MLS stands increased to 1,316,294,879 ordinary shares. Consequently, the holding of the Company's WOS, Mercator International Pte. Ltd. (MIPL) into MLS has reduced from 71.95% to 68.44%.Source : BSE

Read all announcements in Mercator

To download current article in Word format, click here.

highlights

• Economic slowdown a wake-up call for stepping up reforms
• Future shift in RBI policy stance would be desirable.
• Tight RBI policy led to sharper-than-expected slowdown
• April-December data shows 5.3% fiscal gap aim 'achievable'.

more »

flashes

• Budget a significant event given current BoP crisis: Nirmal Jain
• Freeze in government spending to impact economic growth: Vetri Subramaniam
• FY14 Budget not a make or break event for economy: Vetri Subramaniam
• Budget unlikely to be populist but may be driven by politics:Vetri Subramaniam

more »

InterpretationS

• Railway minister has done a commendable job in meeting competing demands of improving services and controlling expenditure: PM
• It is a reformist and forward- looking Budget: PM
• If you look at the overall Budget, it was relatively muted and there was nothing exciting and no steps were taken, which would make the market happy: ICICI Direct
• There is no major capex from the civil construction on the freight corridor, though some investments are coming on the metro side: KEC International

more »

SECTOR IMPACT

Select Sector to see impact

EXPECTATIONS

expectation on: Policy

Latha Venkatesh

Banking editor | CNBC-TV18

expectation on: Policy

Kiran Mazumdar Shaw

CMD | Biocon

expectation on: People

Saumitra Chaudhuri

Member | PMEAC

expectation on: Markets

Tirthankar Patnaik

NULL | Religare Cap Markets

expectation on: Markets

Ajay Srivastava

CEO | Dimensions Consulting

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Buy USDINR spot on dips for intraday: Karvy

Karvy Stock Broking has come out with its report on currency. The research firm expects USDINR spot to extend its gains and recommend buying on dips for the day.

On Tuesday, the Indian rupee moved down by 0.41% to close at 54.095 against USD, taking cues from weak euro currency.  The Japanese small business confidence has improved from prior figure, Asian equities ended on weak note though. The similar trend had followed by domestic indices, SENSEX fell by 1.64% to close at 19015.14 and NIFTY weighed down by 1.60% to 5761.35.  The European equities were ended on a weaker note on the back of uncertainty over Italy election. The similar trend had followed by euro to moved down by 0.02% to close at $1.3061. The US equities were ended on a strong note on the back of US Fed Chairman Ben Bernanke's assurances that a bond-buying stimulus program will remain in place. The Dollar index surged by 0.24% to close at 81.87.  The bond yield moved up by 0.22% to close at 7.816 from last settled 7.799 after the RBI announced another round of bond purchase to ease tight cash conditions. India's central bank will buy up to Rs 100 billion ($1.9 billion) of federal government bonds on March 1 through open market operations, it said in a release on Monday. 

Outlook:
 
This morning Asian equities are trading on mix note and shared currency euro ended flat yesterday after US Fed Chairman Ben Bernanke's assurances that a bond-buying stimulus program will remain in place and today it is trading marginally weak around $1.3046, down by 0.11%. On the economic front, the key data to watch out from euro area are Consumer Confidence, Services Confidence, Industrial Confidence and Economic Confidence. The data are likely to improve and that may limit the losses in shared currency. The US will release mortgage application and durable goods which are expected to decline and may restrict the gains in USD. Overall we expect rupee to open on a weak note tracking gains in dollar and thereafter it may take further cues from domestic markets which tumbled more than one and half percent in the yesterday's session and overall we expect markets may remain volatile ahead of tomorrow's budget development.

USDINR Spot:
 
USDINR remained on a mixed on Tuesday and finally settled on positive note gaining 0.42%. Pair resumed higher on Tuesday and settled above the major moving averages (8, 21 & 34). Momentum indicator RSI-14 is also tending towards upside suggesting potential in the pair to edge higher. By going through the above observations we expect USDINR to extend its gains and we recommend buying on dips for the day.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

 

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Fire near Calcutta University, 7 dead, rescue operations on

Seven people are feared died in a massive fire that broke out near the Calcutta University campus in the wee hours of Wednesday morning.

Rescue workers are evacuating people trapped in the blaze that broke out at 3:50 am. The fire broke out in Surya Sen market in Sealdah and 20 fire engines were rushed to the spot.

The cause of the fire is still unknown. Four people have so far been evacuated by the fire department officials. More people are feared trapped inside the market.

The injured were rushed to state-run NRS and Medical College hospitals, they said. The extent of the damage is under investigation, police said, adding that a search is on to find  out if anyone is trapped inside the complex.

With Additional Inputs from PTI

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Welspun Fintrade buys 17.42 lakh shares of Welspun Corp

On February 25, 2013 Welspun Fintrade Limited bought 1,742,495 shares of Welspun Corp at Rs 64.32 on the NSE.

In the previous trading session, the share closed at Rs 67.20, down Rs 16.65, or 19.86%. It has touched a 52-week low of Rs 56.55.

The company's trailing 12-month (TTM) EPS was at Rs 17.81 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 3.77. The latest book value of the company is Rs 156.33 per share. At current value, the price-to-book value of the company was 0.43. The dividend yield of the company was 0.74%.

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Selling pressure to continue in Nifty on rise: Nirmal Bang

Nirmal Bang has come out with its technical report on Nifty. According to the research firm, Nifty has sustained below the crucial levels of 5880 and is trading below it. The index faces crucial hurdles at 5900-5920 levels on the upside, expect selling pressure to continue at higher levels.

Indian equity markets settled lower for the fourth consecutive week as investors remained cautious ahead of Budget. The sentiment was dampened due to weak global markets on renewed concerns the US Federal Reserve may consider policy-tightening, which will reduce global liquidity. Metal, FMCG and Bankex dropped the most in the sectoral indices. The 30-share index, Sensex declined 151.14 points or 0.78% over previous week to 19,317.01. On the other hand, the broad based NSE Nifty dropped 37.10 points, or 0.63%, to 5,850.3. Meanwhile, BSE Midcap index fell 0.27% while Smallcap index gained 0.36%.

Nifty Technical Outlook:

Nifty has sustained below the crucial levels of 5,880 and is trading below it. The index faces crucial hurdles at 5,900 & 5,920 levels on the upside, expect selling pressure to continue at higher levels. The index is likely to decline towards the 5,800 & 5,740 levels in the near term.

Bank Nifty:
 
The Bank Nifty s trading below the important support of 12,150 levels and expect it to decline to the 11,850 & 11,800 levels. There is a strong resistance at 12,280 & 12,300 levels on the upside where selling pressure is expected.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Bryant silences Cuban with 38 points in Lakers' win

REUTERS - Kobe Bryant fired back at Dallas owner Mark Cuban with 38 points as he lifted the Los Angeles Lakers past the Mavericks 103-99 on Sunday.

After Cuban recently suggested the Lakers should consider waiving Bryant and his league-high salary next season, the five-time NBA champion showed his worth with an artistic display of clutch shooting and all-around effort that included 12 rebounds and seven assists.

"It was a big win for us," Bryant told reporters after finishing with 14 fourth-quarter points to seal the triumph. "(I tried to) be patient, attack but still read the defense. We made some tough shots."

Dallas (25-30) led 90-87 midway through the fourth quarter but visiting Los Angeles nosed ahead with a seven-nil run led by Bryant and Steve Nash who finished with 20 points.

The victory was the third straight for Los Angeles (28-29) who moved within 2-1/2 games of a Western Conference playoff spot that Bryant has guaranteed the team will secure.

The Mavericks, 10th in the West, are also battling for a spot and Dirk Nowitzki put up 30 points and 13 rebounds.

Cuban's comments centered around the NBA's "amnesty clause," which allows a team to release a player and avoid paying taxes on their salary.

The Mavericks owner has said that his suggestion was just hypothetical, while the Lakers released a statement saying such talk was "inappropriate."

Bryant silenced all talk in the fourth where he made three straight difficult jump shots to leave the Dallas crowd murmuring.

Bryant and Nash combined for 11 of the last 12 Lakers' points to make up for a quiet day from Dwight Howard who battled foul trouble and had nine points and 13 rebounds.

Bryant was following up a 40-point game in Friday's win against Portland.

"That's why he's Kobe Bryant," said Lakers coach Mike D'Antoni. "When he puts his mind to something, for the last 17 years he's been able to accomplish it." (Writing by Jahmal Corner in Los Angeles, Editing by Tom Pilcher/Gene Cherry)

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Be cautious while taking short position on dips: Sukhani

Technical analyst Sudarshan Sukhani of s2analytics.com expects market to remain choppy this week, warning traders to be cautious while taking any short positions. The week is crucial for the market as the much-awaited Union Budget 2013 will be presented by finance minister P Chidambaram.

The Nifty ended on a flat note on Friday at 5850 levels, according to Sukhani, any further fall towards 5,700 should be used as a short-term buying opportunity.

"We are near very strong support level at 5,780-5,800. We are moving down and we should take advantage of intraday moves on either side," he said in an interview to CNBC-TV18.

Below is the verbatim transcript of Sukhani's interview with CNBC-TV18

Q: How would you trade this important week?

A: I would be wary of taking short positions this week on dips. The market is likely to be choppy. We are near very strong support level that is at 5,780-5,800. Therefore, a move towards 5,700 should be use as a short-term buying opportunity. The keyword here is short-term for a couple of days or even intraday.

I would be willing to take short positions on any market rally. These would be positional trades where I am betting that the market will fall down significantly lower than 5,800. That would be in March Options and Options are the best way to trade it. So, the view is that we are moving down but this week could be choppy and we should take advantage of intraday moves on either side.    

US can fall and rise or head to July highs and crash: Faber

Q: Market was flat on Friday, but some stocks like DLF did well.

A: DLF is something that has a theme. It is a long-term buying opportunity. I have spoken about it and put it in my buy list repeatedly. The reason why it comes again and again is because it gives us new buying opportunities. So, this theme is going to be a long-term affair. DLF currently is just breaking out to new highs for this upmove. It is a buying opportunity. It is being supported by a very strong long-term outlook on charts that is on prices. Therefore, in both cases DLF is worth buying into.

Q: McLeod Russel keeps coming up in your buy list. Do you see big targets there?

A: I see big targets there. It was in a trading range. After a big rally that trading range has decisively broken out. Intraday targets will be more modest but eventually it should cross Rs 400 and go higher. It does appear that it is doing some very interesting things. Perhaps it is becoming some kind of a unique asset in the sense that it is one of the very few stocks which have large plantations.

Q: You like Infosys within technology?

A: Yes, I do, in fact Wipro has come in our buying list earlier last week and Wipro finally did well. However, the same story is coming out with Infosys, big rally after the results, a trading range and a breakout from the trading range. Assuming that the market is going to see some rallies today, tomorrow, in this week, IT should outperform and the two stocks should be Infosys and Wipro. Today, Infosys should be the focus where it is breaking out to new highs.

Disclosure: I have no holdings in the stocks discussed.

More to come.

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Italian election: Will it be a hung parliament?

Italy goes to election on Sunday and Monday with no clear indication of a definite outcome. So, will Italy go the Greece way; will it need a second election, what impact will that have on the Euro Zone and of course on global markets?

Euro looks weak ahead of polls in Italy: StanChart

In an interview to CNBC-TV18, Alessandro Mercuri, Interest Rate Strategist at Lloyds Banking Group shared his outlook on Italy's election.

Further Mercuri said that there is a degree of uncertainty because of two weeks blackout period for opinion polls. 

Outcome of Italy election deeply uncertain

"Most of the markets are working on the assumption that the coalition led by Pier Luigi Bersani with participation of Mario Monti will be formed after the election. There is also a possibility of a hung parliament," he added.

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How to trade your favourite stocks during Budget week?

If the Budget disappoints the market, Nifty may break 5800, says Sudip Bandyopadhyay, MD & CEO, Destimoney Securities. In such an eventuality, he says, the level of 5500-5600 is likely.

Bandyopadhyay helps investors out with their investment queries as part of moneycontrol.com's initiative Know Your Investment.

Below are his answers to questions investors asked us on our Facebook page.

Dr. Jayesh Gaygol: What is a target of Tinplate in six months? Will it cross Rs 55?

A: Tinplate is India's largest indigenous producer of tin coated and tin free steel sheets providing packaging solutions to the food processing industry and also caters to other industries like Chemicals, Paints, Electronics and Defense etc. It enjoys around 35% market share in India. The company reported strong performance in Dec quarter with 65% growth in topline & 33% in bottomline. Since you are looking for a short term horizon - I believe that in the short term it might move upto 55 levels but one should keep a strict stop loss.

Priya Nambiar: What are your views on Cochin Minerals and Rutile ?

A: CMRL's main product is Synthetic Rutile, which finds application as raw material for the Titanium pigment and titanium sponge/metal industry. Other products are by products.  Ferric Chloride has applications as an etching agent and is an effective coagulant for drinking water and effluent treatment. Ferrous Chloride is coagulant for drinking water and effluent treatment. Iron Hydroxide (Cemox) clay used for brick and tile making.

During H1FY12, net profit rose by 224% to Rs35.0 crore on 50% higher sales of Rs138.6 crore. OP and NP margin stood at 39.6% and 25.3% Vs 20.4% and 11.7% respectively in H1FY12. H1FY13 EPS works out to Rs44.9 Vs Rs13.8 in H1FY12."

There has been improvement in the global demand for Synthetic Rutile/and Ferric Chloride in the sea water desalination plant in Gulf countries and for Ferrous chloride in sewage treatment plants in African Countries. It exports more than 80% of its production and in the current scenario where the Rupee is weakening against the USD, the company could benefit out of higher Rupee realization. These give strong visibility to revenue going forward.  At the CMP of Rs267, the share is trading at a P/E of 3.2x on FY13E and 2.8x on FY14E.

Mukesh Lovely Thareja: What is your call on Titan ?

A: Titan is a good buy for medium / long term.  This is fundamentally a very strong company and will continue to deliver excellent results and growth over the next few years.

Santosh Dubey: I am new in market and want to invest in currency and gold. So please suggest me should I wait some more time to buy gold or should I start buying now?

A: If you are a long term investor, you can start buying gold now.  Gold price will keep fluctuating based on multiple factors in the short term.  However, in the long run, we believe that there is a secular up trend.  But it should also be kept in mind that the return from Gold will not be as spectacular as it was during the last few years.  Gold will provide a steady return of 8-12% over the next 12 months.

Varun Bhatia: I have 50 shares of L&T at Rs 1690 a share? What should I do, hold or sell?

A: L&T is an excellent company.  We believe that prospect of L&T is good in medium / long term.   India's infrastructure story will help L&T.  Being efficient and well managed provides it with an edge.

As soon as the investment cycle starts in India, L&T will be the biggest beneficiary.

Prasad Dhodapkar: What is your call L&T Finance ?

A: L&T Finance is a strong candidate for a banking license.  However, this expectation is already factored in by the market and this reflects in the price.  Considering the parentage and it's fundamental strength, we believe that L&T Finance is a good hold for medium / long term.

Chitresh Lunawat: What is your call on Madhucon Projects ?

A: India's GDP growth has clearly slowed down and both infrastructure and capital goods sectors are suffering the most.  The pains points are yet to be removed.  From the value perspective, the infrastructure companies look attractive.  However, we believe that the time for value buying in these sectors haven't yet come.  It is better to avoid Madhucon Project in short / medium term.

Anshuman Chakrapani: What's your view on JP Associates ?

A: JP Associates is a fundamentally strong company.  However, the problem ailing the infrastructure and capital good sectors, may also affect JP Associates.  At current levels, JP Associates can be acquired for a medium / long term.  However, in the short term, till the economic environment improves, JP Associates may continue to struggle.

Nilesh Gala: What your view on TV18 and Mirza International ? Also can you tell me about Shalimar Paints ?

A: TV18 has corrected significantly in the recent past.  At current levels, this looks good. Exposure can be taken in TV18.

Mirza International has improved performance over the last few quarters.  However it is better to stick to established large cap and mid cap stocks.

Shalimar Paints is one of the leading paints manufacturing companies of India, reported its financial results for the quarter ended 30th Dec, 2012. The Third quarter witnesses a healthy increase in overall sales as well as profitability of the company. The company's net profit jumps to Rs.46.90 million against Rs.37.90 million in the corresponding quarter ending of previous year, an increase of 23.75%. Revenue for the quarter increase 14.63 percent.

At the current market price of Rs 136, the stock P/E ratio is at 14.87 x FY13E and 12.99 x FY14E respectively. Earnings per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.9.15 and Rs.10.47 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 16% and 19% over 2011 to 2014E respectively. On the basis of EV/EBITDA, the stock trades at 6.87 x for FY13E and 6.03 x for FY14E. Price to Book Value of the stock is expected to be at 3.18 x and 2.55 x respectively for FY13E and FY14E. We expect that the company surplus scenario is likely to continue for the next years, will keep its growth story in the coming quarters also.

Anuj Khatri: IT majors held out during this recent turbulent ride. Should one go ahead n buy or be at sideline and wait for a dip? Also, I bought drowning Tata Steel at Rs 366. Should I wait for a upswing or get out? Please suggest stop-loss, time horizon?

A: Large cap IT companies have been performing well inspite of the global turmoil.  We believe that TCS and HCL will continue to outperform and deliver good results.  Exposure can be taken whenever there is a correction.

Regarding small and mid cap, one needs to be extremely careful.  While opportunities exist in the market place, performances of these companies are not assured.

TATA Steel has probably seen the worst.  We expect that performance will improve hereon.   Domestic production is increasing as a percentage of overall production.  This should significantly help in overall margins.  The long term investor can explore entering or remaining invested TATA Steel at current levels.

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Exclusive - Credit Suisse faces DOJ probe into mortgage products

By Karen Freifeld

NEW YORK (Reuters) - The U.S. Attorney's Office in New Jersey is investigating Credit Suisse AG over mortgage-backed securities packaged and sold by the bank, according to people familiar with the matter.

U.S. Attorney's Offices in other districts are focusing on other banks in related investigations, said the people, who were not authorized to speak publicly. It was unclear how many U.S. Attorneys were involved.

The investigations show that authorities are still trying to build cases over the alleged misconduct by banks that led to the 2008 financial crisis.

The New Jersey probe came out of a working group created by President Barack Obama in January 2012, one of the people said.

The task force, called the Residential Mortgage-Backed Securities (RMBS) Working Group, was supposed to coordinate a series of federal and state investigations into shoddy loans that were packaged and sold to investors. Those securities spread risk throughout global markets and were a major contributing factor to the financial crisis.

The Justice Department said early last year that it had sent civil subpoenas to 11 financial institutions as part of its investigation of the RMBS market.

U.S. Attorney Paul Fishman of New Jersey is examining how Credit Suisse handled the mortgage-securitization process, step by step, according to one of the people.

Matthew Reilly, a spokesman for Fishman, declined to comment.

Adora Andy, a spokeswoman for the U.S. Department of Justice, did not immediately return a call for comment.

Jack Grone, a spokesman for Zurich-based Credit Suisse, Switzerland's second largest-bank, also declined to comment.

Credit Suisse has been the target of other U.S. probes over mortgage-backed securities. In November, the bank agreed to a $120-million settlement with the U.S. Securities and Exchange Commission over civil charges stemming from the bank's sale of risky mortgage bonds to investors before the crisis.

The bank settled the SEC case without admitting wrongdoing.

Separately, New York Attorney General Eric Schneiderman filed a civil lawsuit against Credit Suisse in November. The complaint accused Credit Suisse of misleading investors who lost $11.2 billion in mortgage-backed securities sponsored by the bank.

Schneiderman is a co-chair of the RMBS Working Group formed by Obama.

Schneiderman also filed a lawsuit against JPMorgan Chase & Co in October. That case is over mortgage securities sold by Bear Stearns, which JPMorgan acquired in a fire sale in 2008. The JPMorgan case was the first lawsuit to emerge from the working group.

The Justice Department in Washington is also investigating JPMorgan over allegations that Bear Stearns provided misleading information about its mortgage products in the lead-up to the financial crisis, as Reuters reported Wednesday.

Earlier this month, in one of its most ambitious cases tied to the crisis, the Justice Department filed a $5 billion lawsuit against McGraw Hill's Standard & Poor's unit. Filed in Los Angeles, the lawsuit claims the credit rating agency schemed to defraud investors in mortgage-backed securities that collapsed in the financial crisis. Standard & Poor's has said the lawsuit is "meritless."

During his 2012 State of the Union address, Obama said he created the group investigating the packaging of risky mortgages to "hold accountable those who broke the law" and to "help turn the page on an era of recklessness." (Editing by Karey Wutkowski and Bernadette Baum)

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Polling begins in Meghalaya

Shillong, Feb 23 (PTI) Polling began to elect 60 members to the ninth Meghalaya Assembly from among 345 candidates today with an electorate of 15.3 lakh. Banned Khasi organisation, Hynniewtrep National Liberation Council, has called a 36-hour bandh from 6 PM yesterday till today in the seven districts of Khasi and Jaintia Hills region. Prominent candidates in the fray are Chief Minister Mukul Sangma, Home Minister H D R Lyngdoh, Education Minister R C Laloo, Congress president D D Lapang, UDP president Don Kupar Roy, former Leader of Opposition and son of P A Sangma Conrad K Sangma and his brother James Sangma. The Congress has put up candidates in all 60 seats, and ally United Democratic Party in 50. Of the 15 parties in the fray, the P A Sangma-led National Peoples' Party is contesting at 32 seats, the NCP at 21 and the BJP in 13. Among the candidates are 25 women. Of the 2,845 polling stations, 900 have been declared 'hyper-sensitive'. Booths along the international border and the inter-state border with Assam have also been categorised as 'hyper-sensitive'. The BSF, which has been put on maximum alert along the 498-km border, has deployed 10,000 personnel. Ninety-one companies of central paramilitary forces have been deployed in the state to maintain law and order and 44 companies in the militant-hit Garo Hills region. PTI JOP PC NIK SG

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FII flows - biggest risk to market: Morgan Stanley

Here are experts equity calls for the day on how the markets are expected to trade:

Ridham Desai, Morgan Stanley: FII flows are the biggest risk to the market. They have crossed 2 percent of market cap on a 12-month basis, which has historically been a warning sign for prospective equity returns. The trigger for a reversal of flows comes from a global risk off which is hard to time. However, there are still several fundamental and technical factors that favour a market rally in the coming 3 to 6 months in our view.

Chris Wood, CLSA: Stubborn inflation, the lack of growth and a dodgy fiscal situation, highlight the vulnerability of the rupee and the related need for capital inflows. Our Overweight on India is predicated on the view that "risk on" will continue for now globally. But when the mood changes, India will be very vulnerable in dollar terms unless, there is more visibility by then on a renewed investment cycle.

Also Read
FII dependence fuels worry, market may dip further
Bull's eye: Buy Shriram Transport, Wockhardt; short HDIL
Stocks in news: Gitanjali, Hero Moto, Spanco, Gujarat Gas

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Hyderabad blast: 14 dead, 75 injured; Shinde visits site

8:12 am: While the death toll has climbed to 14, more than 75 people have been injured in the twin blasts in Hyderabad.

8:00 am: The death toll in Hyderabad blasts has reached 14 and authorities further it may rise further. 57 others have been injured in the blasts. Of the 14 dead, 12 bodies have been identified and handed over after post-mortem. Two bodies are yet to be identified.

The injured are now at the Osmania, Yashoda, Omni, and Kamineni hospitals. The police have set up helpline numbers and have urged citizens to remain vigilant.

Investigations are on in full flow with NIA and Organisation for Counter Terrorist Operations (Octopus) teams at the blast sites. Andhra Pradesh Chief Minister Kiran Kumar Reddy convened a law and order meet at 12:30 am on Thursday night. Home Minister Sushil Kumar Shinde and Union Home Secretary RK Singh are at the blasts site. Meanwhile, TDP chief Chandrababu Naidu has cancelled his padyatra.

7:30 am: Home Minister Sushil Kumar Shinde has left for Hyderabad and will visit the blast sites in Dilsukh Nagar. Twelve people have died and over 55 were injured in two blasts on Thursday and officials fear the death toll could rise. Both the blasts took place in crowded market areas and an NIA team is reaching the city to take over investigations.

The blasts were reportedly carried out using Improvised Explosive Devices (IEDs) and aimed at causing maximum damage, Andhra Pradesh Director General of Police (DGP) V Dinesh Reddy said. The two explosions took place near Venkatadri and Konark movie theatres in one of the most crowded areas of the Andhra Pradesh capital. According to the police one bomb may have been placed on a cycle and the other was put inside a tiffin box.

Union Home Minister Sushil Kumar Shinde said that the government received an attack alert two days ago, but there was no specific information. However, a police interrogation report, accessed by CNN-IBN said specific information was provided during the interrogation of a suspected Indian Mujahideen operative.

In the interrogation by the Special Cell of Delhi Police, which took place in October 2012, the Indian Mujahideen suspect had confessed doing reconnaissance of three areas, including Dilsukh Nagar, in Hyderabad. However, it is not known if the specific bit of information was passed on the Hyderabad police.

"IEDs were used in the two bomb blasts which were acts of terror and were aimed at causing maximum damage," said the Andhra Pradesh DGP. The seriously injured would be shifted to corporate super-speciality hospitals in the city for better treatment if needed, he said. Noting that the entire area has been sanitised after the blast, he appealed to the people not to panic and believe in rumours.

Meanwhile, personnel of National Investigation Agency (NIA), stationed in Hyderabad, visited the scene and picked up clues from burnt two-wheelers.

Andhra Pradesh Chief Minister Kiran Kumar, who visited the site shortly after the blasts, termed them as shocking. "What happened in Hyderabad is shocking...innocent people have been killed...the state government has reacted swiftly," he said. The Chief Minister announced a compensation of Rs 6 lakh each for the families of those killed in the blast, and assured that the government would bear the expense of the treatment of those who got injured. He termed the Hyderabad blasts as "an act of the coward", asserting that those responsible would soon be brought to book.

Referring to the serial blasts, Union Home Secretary RK Singh said IG NIA and probe team of NSG had been flown from Delhi by a special BSF plane. He said that high alert had been issued in Delhi, Mumbai and several other states, but maintained that there was no information on who carried out the explosions.

Prime Minister Manmohan Singh also condemned the blasts. The Prime Minister also sanctioned Rs 2 lakh each to the families of those killed in the incident, and Rs 50,000 each to those seriously injured. The Prime Minister also directed the central agencies to extend all possible help to the Andhra Pradesh state authorities in relief operations. UPA chairperson Sonia Gandhi also condemned the blasts and expressed her sorrow.

Bharatiya Janata Party (BJP) president Rajnath Singh termed the blasts as most unfortunate and expressed his grief for those who lost their lives and their loved ones in the terror attack. Expressing confidence into the government for providing all assistance to those hit by the terror attack, the BJP president said that a thorough inquiry should be conducted into the blasts. Former BJP president Venkaiah Naidu said that the blasts were unfortunate and condemnable.

Telangana Rashtra Samithi (TRS) leader Kiran Rao said the situation in the Andhra Pradesh capital was very chaotic. "This is not a time to have political divisions...this is an attack on our country and democracy, we all are together," said Kiran Rao.

The United States also strongly condemned the blasts and offered assistance in investigation if requested by the Indian government. "We condemn the cowardly attack in Hyderabad, India, in the strongest possible terms, and we extend our deepest sympathies to those affected and to the people of India," the State Department spokesperson, Victoria Nuland, told reporters at her daily news conference.

Dilsukh Nagar, the area were the incident took place is a crowded area in Hyderabad, and one of the main commercial areas of the city. Gaddianaram market in Dilsukh Nagar is the biggest in Andhra Pradesh. The blast took place near the main bus stand near Hyderabad-Mumbai highway.

Helpline: 040-23235643, 040-27854771

Previous instances of blasts in Hyderabad:

2002: 2 killed in blast at Sai Baba Temple, Dilsukh Nagar

May 18, 2007: 14 killed in blast at Mecca Masjid

August 25,2007: 42 killed in two blasts at Gokul Chat shop

August 26, 2007: Police find 19 unexploded blasts

(With Additional Inputs from PTI)

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Sell Bata India, says Sudarshan Sukhani

Sell Bata India, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, " Bata India has been coming down. These are the signs that blue-chip stocks, stocks that double, triple themselves are now going through deep corrections. That is just one of the many indicators that tell us that we are in a strong downtrend."

He further added, "Bata made a small narrow range triangle and it has broken down from it that tells us that the current levels are just midway in an ongoing down move. That could give an eventual position trading target much lower than we can image for Bata but for the short-term trader it is a short sell and see what others like Jubilant Foodworks , Titan are doing. They are all going down, so it has very good company on the downside. I would be a seller in it, every rally is a sell."

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Del Piero signs up for second year Down Under

By Nick Mulvenney

REUTERS - Alessandro Del Piero confirmed the worst kept secret in Australian soccer on Thursday when the former Italy and Juventus great said he would be staying for a second year at Sydney FC.

Signed last September in the most lucrative deal in Australian sport, the 38-year-old striker has had the impact both on and off the field that the A-League club banked A$2 million a year on.

Despite reported interest from clubs in Brazil and the United States, Del Piero said there had never been any real doubt that he would stay on.

"I am very happy to be staying at Sydney FC for another season," he said.

"I have always said I want to continue that for next season but first we must work hard for success on the field for the rest of this season."

Del Piero's 11 goals in 18 games have just been the icing on the cake for Sydney FC as the quality of the World Cup winner's performances have helped haul the club from a miserable start to the season and into the playoff hunt.

His mere presence in the A-League has also generated huge media and fan interest in soccer, which sometimes struggles for profile in comparison to Australia's dominant football codes of rugby league and Australian Rules.

"Alessandro's arrival at Sydney FC has been a wonderful success for Sydney FC and the A-League both domestically and internationally," said club chairman Scott Barlow.

"We look forward to working together with Alessandro to increase the profile of Sydney FC and football in Australia as we strive for success on the pitch for the remainder of this season and next."

Twice champions Sydney travel to Melbourne Heart on Saturday for a match both sides need a win to stay in the race for the playoffs.

The postseason looked like a pipe dream for Sydney FC in December when the team were bottom of the 10-team league but a 7-1 win over Wellington Phoenix, in which Del Piero scored four goals, sparked a resurgence. (Editing by Peter Rutherford)

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Sell Titan Industries on rally: Sukhani

Sell Titan Industries on rally, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Titan Industries is a very disappointing stock. There is a sense that the worst was over, but  apparently it is not the case. What it has done is it has made a distribution after a big decline, that is very unusual, but it  is not unusual in the sense that most Fast Moving Consumer Goods (FMCG) stocks are not buying opportunity as it is."

He further added, "It does appear that Titan's trend is down and small rallies should be sold into. It is on the verge of a  breakdown again, so we are looking at much lower levels.

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See higher levels in Bharat Forge: Sukhani

See higher levels in Bharat Forge , says Sudarshan Sukhani of s2analytics.com. It is a very interesting trade, because the risk is low and the potential reward could be very much.

Sukhani told CNBC-TV18, "It was a very deep correction in Bharat Forge. After that deep correction for the last 10 days it is making a sideways move. It is too early to say whether it has bottomed out, but this is a clear buy on dips or rather try to catch the falling knife's trade. There is no harm, because Bharat Forge by itself is a quality stock, so even if we go wrong it is not going to be a big problem."

He further added, "However, if we are right then we are buying Bharat Forge almost at its lows. The initial short-term chart suggests that a basing pattern is being made and higher levels are coming. It is a very interesting trade, because the risk is low and the potential reward could be very much."

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NMDC has target of Rs 185: Aashish Tater

NMDC has target of Rs 185, says Aashish Tater, Head of Research, Fortunewizard.com.

Tater told CNBC-TV18, " National Mineral Development Corporation (NMDC) is one play where we feel it is roughly 31 percent undervalued given to global peers. This could be a very interesting bet from next six months perspective. Now there are positive developments from index management perspective and since this is going to get included in April, we feel there will be lot of momentum in the stock in days to come."

He further added, "On risk reward side, we feel there is hardly any downside. If I take a quantitative call that we have been projecting for so many stocks, which we have been going right on either side, we feel this is one stock which has made a double bottom around Rs 143 mark on weighted average price. If you see the management guidance, they are looking for an uptick in the March realisation and we feel there will be a follow-on uptick even in April. Thus, realisations should go higher from current levels."

"In fact, for next fiscal we are forecasting a sell of approximately Rs 10,300 crore with a net profit margin of 64-65 percent. That could be substantially good for this particular company because if they are able to clock that Rs 7,500 crore of profit, we feel on a marketcap of Rs 60,000 crore, given it is a debt-free company that stock should trade at least at Rs 75,000 crore sighting 25-26 percent upside from current levels."

"We are giving a target of close to Rs 185 on this particular stock and given all these positive developments that has been announced and index inclusion, the stock is likely to see an expansion in terms of price earnings multiple, which will be definitely good for company in days to come."

Disclosure: No personal position but safe to assume that stock discussed has been recommended to clients.

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Nifty ceiling at 6K, carry shorts till Budget: Sukhani

Sudarshan Sukhani of s2analytics.com said that the market can do anything for two-four days if something unusual happens before the Budget.

"Traders who are looking at positional trade should be carrying short positions into the Budget or till just before the Budget. For short-term traders, the trend would be different but the positional short positions are still valid and intact," he said in an interview to CNBC-TV18. 

Below is the verbatim transcript

Q: In the near term, what could be a ceiling now for the Nifty? Beyond which level it is finding it difficult to pierce through?

A: A ceiling technically is 5,980-6,000. However, the problem is something else. The finance minister will set up the ceiling. In front of the big news event, the market can do anything for two-four days if something unusual happens. But I would expect any irrational exuberance to temper down. So, 6,000 is something that I am looking at. The Nifty is unlikely to cross that for any kind of a decisive move. It could be temporary. This means that traders who are looking at positional trade should be carrying short positions into the Budget or till just before the Budget. For short-term traders, the trend would be different but the positional short positions are still valid and intact.

Budget 2013: NIPFP's Ajay Shah prescribes 3-point plan to fix economy

Q: You have a buy on the midcap, Hexaware Technologies ?

A: Hexaware has seen all the worst things that could happen to it in terms of stock price damage. That seems to be getting over now. The stock has been  building a base of some kind or the other for last three weeks and it is now coming out of it on the upside, breaking out. The midcap IT stocks are high beta instruments so it is possible that this rally that is beginning could continue for a long time at least in terms of price action. It is an interesting buying opportunity. I think traders should be looking at it, keep a stop loss in case it does not work out. However, it could easily do much better than we imagine.

Disclosure: I have no holdings or interest in the stocks discussed.

More to come

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UBS sees earnings muted in Q4 too; bearish on auto, FMCG

Moneycontrol Bureau

Brokerage house UBS expects corporate earnings growth in the current quarter also to be muted, but is advising clients to buy on weakness. UBS is bullish on cyclical stocks and banks, and bearish on automobiles and FMCG companies.

We remain positive given our expectation of continued government efforts to revive the economy, along with fiscal consolidation. The latter could dampen economic activity near term, so there might not be a seasonal uptick in Q4," said the UBS note to clients, adding "we would view corrections as a buying opportunity."

In UBS's assessment, third quarter numbers were broadly below market estimates, but the coming financial year could be better as management commentary was "'less pessimistic."

"Management commentary suggests a hopeful outlook for FY14. The capex outlook seemed less pessimistic than in the past few quarters, but was still largely non-committal. Banks' (more so government banks, ex SBI ) asset quality trends stabilised, with fresh slippage and gross NPA down," the note said.

UBS is bullish on Adani Ports , SBI and L&T . It has rated HUL and Jubilant Food as the "least preferred."

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Buy Nifty Future above 5920: RK Global

According to technical report by RK Global, one can buy Nifty Future above 5920 with stoploss of 5900 for a target of 5960.

 Despite having an early morning weak opening Nifty closed with a pullback and managed to close at 5887.40 with a small white body candle. Even if, it once again gets headed towards 5930-5960 our strategy will remain same "sell on rally". We believe supply pressure will gather steam once again around those crucial resistance levels. We observed down trending volatile movements in last few sessions along with huge retracement in most of the Index majors.

All are trading below their respective crucial moving averages (in some cases below 200DEMA) which mean they are in strong grief of short term bears, but it does not rule out the possibility pull back. So, right at this juncture we advise people to avoid aggressive short selling; stocks, those did not make new low in last few sessions. Rather wait for a technically justified level to go for short selling once again.

Nifty (Fut): 5892.65: 

Trading Strategy-

Buy above 5920 target-5960 SL- 5900.

Sell below 5860 target- 5820 SL: 5880.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Centre had given all possible help to UP for Kumbh: Jaiswal

Kanpur, Feb 16 (PTI) Urging the state and Union government to work together to avoid any mishap at Kumbh in the future, Union Coal Minister Sriprakash Jaiswal today said that the Centre had extended all possible help for organising the Mela. "The deaths in the stampede at the Allahabad railway station is a sad incident, but this is not the time for the Centre and the state government to blame each other. It is the time for the two to work together to ensure the safety of the devotees at the mela," Jaiswal said at a press conference ahead of the inauguration of the renovated Congress headquarters at the Tilak Hall. The hall will be inaugurated tomorrow by Motilal Bora while the chief of the Uttar Pradesh Congress Nirmal Khatri will preside over the function, said the Congress MP from Kanpur. "The Centre had provided all possible help to the state government for the organisation of the Kumbh Mela," he added. In reply to a query about the alleged helicopter scam, Jaiswal said that the deal was being probed and the government was ready to take the right decision. "Defence Minister A K Antony and Prime Minister Manmohan Singh are very honest leaders," he said. PTI Corr SRS SHL

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PAK-3RDLD BLAST 2 LAST

Security forces cordoned off the area and did not allow Security forces cordoned off the area and did not allow the media to approach the site of the blast. Officials said this was done as terrorists had set off a bigger bomb after a smaller initial blast in recent attacks. No group claimed responsibility for the blast. Similar attacks in the recent past have been blamed on the banned Lashkar-e-Jhangvi, a notorious militant group that often targets Shias. On January 10, a twin suicide attack in Quetta killed 92 Hazara Shias and injured over 100, the highest toll in a single attack on Shias, who make up 20 per cent of Pakistan's population of 180 million. Following the attack, the federal government imposed Governor's Rule in Balochistan. Shia groups and political parties asked people to observe three days of mourning and called for a strike in Quetta tomorrow to protest the killing of members of the minority community. President Asif Ali Zardari and Prime Minister Raja Pervez Ashraf condemned the attack and reiterated the government's resolve to continue the fight against militants. Ashraf directed provincial authorities to arrest the perpetrators of the blast. "We will not be intimidated by such cowardly acts and such acts will not deter our resolve to fight terrorism," he said. PTI RHL ASK ASK

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Back in Chicago, Obama laments lack of 'a father who was around'

By Steve Holland

CHICAGO (Reuters) - President Barack Obama acknowledged on Friday that he wished his father had been a bigger part of his life as he argued that stronger families are just as important as gun control in reducing crime and violence in poverty-stricken neighborhoods.

Obama returned to his old home neighborhood on the South Side of Chicago with a different take on his gun control message - that it will require an improved home environment for children to reduce the possibility that they will one day resort to violence.

To do that, he said, will require better economic conditions for low- and middle-class Americans, one reason he wants to raise the hourly minimum wage from $7.25 to $9, a proposal he offered in his State of the Union speech on Tuesday.

Obama, the son of a black Kenyan father and a white mother from Kansas, was raised largely by his mother and grandparents in Hawaii. His father, Barack Obama Sr., divorced Obama's mother when the president was two years old, and he was the central figure in Obama's memoir, "Dreams from My Father."

Pointing to a group of teenage boys with whom he had met privately before delivering a speech, Obama said he had not been much different than them.

"Don't get me wrong," he said in the address to high school students at Hyde Park Academy. "As the son of a single mom, who gave everything she had to raise me with the help of my grandparents, I turned out okay."

"But at the same time, I wish I'd have had a father who was around and involved," he told the mainly black audience of about 700.

Obama worked as a community organizer in the South Side of Chicago but had a more privileged background than many of the children he addressed on Friday.

Chicago has suffered a surge in gang-related violence and is one of the most violent cities in America. Obama's visit comes a week after his wife, Michelle, attended the funeral in the city of 15-year-old honor student Hadiya Pendleton, who was shot dead a week after participating in the presidential inauguration.

At the start of his second term in office, Obama wants Congress to approve a series of tighter gun controls like requiring background checks for all firearms purchasers and banning assault weapons and high-capacity ammunition clips.

But as he made clear in Chicago it will take improvements in the home environment for children to keep them off the streets and that this will require help from parents, teachers and clergy.

"When a child opens fire on another child, there is a hole in that child's heart that government can't fill," Obama said.

In too many areas, "it can feel like the future only extends to the next street corner or the outskirts of town...There are entire neighborhoods where they don't see an example of somebody succeeding," he said.

Corey Stevens, 17, a high school senior, was one of the students who got to meet with Obama before his speech.

"I think that he needed to come back here and get the message to the people up close and personal and let them know that this needs to stop," said Stevens, who wants to go into law enforcement.

Hadiya Pendleton's father, Nathaniel Pendleton, who was in the audience, had a message for those who have been following his family's tragedy in the news -- get involved.

"You never expect this tragedy to knock on your door... But there are preventative measures," Pendleton told Reuters. "So let's try to prevent it instead of waiting for it to happen."

Father Michael Pfleger, a Catholic priest known for his activism against gun violence, agreed with Obama that gun laws alone won't solve the problem.

"We have to look in our urban communities and realize that we have a lack of good schools, lack of employment, abundance of poverty, abundance of folks coming back out of penal institutions with records," Pfleger said. "Until we deal with all those issues, you create the perfect storm for violence." (Writing by Steve Holland; Additional reporting by Renita D. Young; Editing by Alistair Ball, Mary Wisniewski, David Brunnstrom and Carol Bishopric)

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Now a basketball player? You must be Usain

By Steve Ginsburg

HOUSTON (Reuters) - Usain Bolt, do not quit your day job.

The world's fastest man played in a celebrity basketball game on Friday in the run-up to Sunday's NBA All-Star game and failed to impress the crowd -- or himself -- with his skills.

Bolt hit one of five shots, missed both of his free throws and totalled just two points in 29 minutes. The only shot the sixt-times Olympic champion made was a dunk.

The Jamaican sprinter, whose East team was blitzed by the West 58-38, said he was surprised that his opponents took the game so seriously.

"The West team really played hard," Bolt told Reuters. "I was just taking my time and these guys were running up and down hard.

"They were up by 20 in the fourth quarter and they were in a full-court press. I'm thinking, 'This is not a celebrity game.' They were serious."

Bolt said he did not get the ball enough.

Perhaps that was because he missed an uncontested lay-in, had a three-footer clang off the rim, and failed to capitalize on his four offensive rebounds.

"I wanted to do more but these guys were hogging (the ball)," he said with a smile. "They didn't give me no chances or nothing.

"I haven't played basketball in a while. For me to come out here and have fun, that was the key."

The man Bolt guarded most of the game, U.S. Education Secretary Arne Duncan, scored 11 points had five assists and outrebounded Bolt 7-6.

"He's the world's fastest man and I'm the world's slowest," the 48-year-old Duncan said.

"He might not have scored much but he sure looked good going up and down the court." (Editing by Greg Stutchbury)

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Rupee opens at 53.92 per dollar

The Indian rupee opened at 53.92 per dollar versus 53.92 yesterday.

Taimur Baig, Deutsche Bank said, "We are looking at a year when growth is supposed to pick up a tad as exports recover and investment bottoms out, some market-pleasing reforms gain traction, inflation remains stable or eases somewhat, and capital inflows continue the trend seen in the last few months of 2012. In this scenario, the rupee is likely to appreciate somewhat, perhaps toward 52-53/USD."

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Lehman seeks to question JPMorgan's "London Whale"

By Jonathan Stempel

NEW YORK (Reuters) - Lehman Brothers Holdings Inc is seeking court permission to question the JPMorgan Chase & Co trader known as the "London Whale" in connection with its $8.6 billion lawsuit accusing the largest U.S. bank of driving it into bankruptcy.

In a late Wednesday night filing in Manhattan bankruptcy court, Lehman and a committee of its unsecured creditors said months of disclosures about the trader, Bruno Iksil, suggest that he played a "greater role" than previously thought in the events underlying the May 2010 lawsuit.

They asked U.S. Bankruptcy Judge James Peck for permission to ask French authorities to compel Iksil's testimony.

JPMorgan spokesman Joseph Evangelisti declined to comment about the request. A lawyer for Iksil did not immediately return a call seeking comment.

Iksil worked for JPMorgan in London and is no longer employed by the New York-based bank. His activities have been linked to more than $6.2 billion of trading losses at JPMorgan's chief investment office.

In the court filing, Lehman and its creditors committee said Iksil's "practice of intentional mismarking" of trades warranted an inquiry into trades he oversaw that led to an "unjustified multimillion-dollar collateral call" on September 9, 2008, six days before Lehman filed for bankruptcy protection.

Lehman and the committee also want to examine how the chief investment office managed JPMorgan's exposure to Lehman.

But they said Iksil's lawyers have indicated that he will not cooperate in the absence of an official request under international legal norms, even though JPMorgan has largely agreed to the discovery requests.

Lehman accused JPMorgan in the lawsuit of hastening its bankruptcy by using its "unparalleled" knowledge of its distress, through its role as the main clearing bank handling third-party dealings, to extract $8.6 billion of collateral in the four business days prior to the Chapter 11 filing.

Last April, Peck narrowed Lehman's lawsuit but let stand some claims, saying that protections given to "systemically important" banks such as JPMorgan did not excuse them from acting in a "commercially unreasonable" manner.

Lehman was once Wall Street's fourth-largest investment bank, and its bankruptcy remains the largest in U.S. history.

It emerged from Chapter 11 last March, and is expected to spend several years winding down. Lehman has said it hopes to repay creditors about $65 billion.

The JPMorgan case is Lehman Brothers Holdings Inc et al v. JPMorgan Chase Bank NA, U.S. Bankruptcy Court, Southern District of New York, No. 10-ap-03266. The main bankruptcy case is In re: Lehman Brothers Holdings Inc in the same court, No. 08-13555.

(Reporting by Jonathan Stempel in New York; Editing by Steve Orlofsky)

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West, Kardashian in security screening flap at JFK -reports

NEW YORK (Reuters) - Two celebrity passengers - reported by newspapers to be Kanye West and Kim Kardashian - were allowed to bypass airport security to catch a flight at New York's JFK International Airport, but were later given a private screening, the U.S. Transportation Security Administration said on Wednesday.

An airline employee escorted two unnamed celebrity travelers on Tuesday through a non-public area "in order to provide expedited access to their domestic flight," TSA said in a statement. It did not say whether the two entered the plane.

The New York Post and Daily News reported the incident involved rapper West and reality TV star Kardashian. Representatives of West and Kardashian, who announced in December they are expecting a baby, did not immediately respond to requests for comment.

"The airline employee violated security protocols by permitting the travelers to bypass the TSA security checkpoint," the statement said. "TSA officials learned of the violation and conducted a private screening of the two passengers in the area of the jetway."

The couple was allowed onto the plane, and the entire incident delayed the flight for 50 minutes.

(Reporting By Edith Honan; Editing by Daniel Trotta and Mohammad Zargham)

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Israel publishes some details as Australian spy mystery deepens

By Dan Williams and Rob Taylor

JERUSALEM/CANBERRA (Reuters) - Israel broke its official silence on Wednesday over the reported suicide in jail of an Australian immigrant recruited to its spy service Mossad, giving limited details about a closely guarded case that has raised questions in Israel and Australia.

In an apparent reversal on previous statements, Australia's foreign minister said on Thursday his ministry had known about the man's jailing in Israel as early as February 2010. On Wednesday he said Australian diplomats in Israel only knew about the detention after his death in custody later that year.

After appeals by Israeli media chafing at censorship of a story broken by the Australian Broadcasting Corporation (ABC), a district court near Tel Aviv allowed publication of six paragraphs of sanctioned text -- a de facto preliminary account by the state.

The text said an Israeli with an unspecified dual nationality had been secretly imprisoned "out of security considerations", only to be found dead in his cell two years ago in what was eventually ruled a suicide.

The district court did not confirm or deny ABC's unsourced findings that the dead man was 34-year-old Ben Zygier, an Australian who moved to Israel and may have been jailed in isolation over suspected misconduct while spying for Mossad.

Australian Foreign Minister Bob Carr told an oversight committee of Australian lawmakers that Canberra was told about Zygier's detention on February 24, 2010, just after his arrest over "serious offences under Israeli national security legislation".

Foreign ministry secretary Peter Varghese said the information was not given to Australian diplomats but "came in another form, from another channel". He gave few other details.

Social media records showed that Zygier, who came from a prominent Jewish family in Australia and was buried in Melbourne, had been married with children. His relatives have declined all comment on the case.

Former friends in Australia said Zygier had been a lawyer and used to recount stories of his time in the Israeli military.

"I remember drinking with Ben one night in 2001 when he recounted his famous story of taking a bullet in the posterior," former colleague Patrick Durkin wrote in the Australian Financial Review newspaper.

"PRISONER X"

The Israeli district court said the unidentified detainee had been held under the supervision "of the most senior officials of the Justice Ministry" and that his family had been informed of his arrest immediately after it took place.

After citing other legal monitoring mechanisms in the case, the district court said: "Beyond this no details can be published about the affair, for reasons of national security."

Israeli media had earlier quoted the ABC and other foreign reports about Zygier, dubbed "Prisoner X", some of which suggested he had been under investigation by Australia's security services on suspicion of using his native passport for Mossad missions in countries hostile to the Jewish state.

Australian media have reported Zygier was one of at least three Australian-Israeli dual nationals under investigation by the Australian Security Intelligence Organisation in 2010 over suspicions of spying for Israel.

In Israel, the possibility a Mossad officer had been treated so harshly drew comparisons to known cases when Israel jailed turncoat spies under blanket secrecy, sometimes lasting years.

Israeli intelligence veterans said such measures reduced the risk of enemy countries where the detainees had served learning of their true identities and then tracing their activities in order to expose other spies still under cover.

Mossad is widely reputed to have stepped up its shadow war in recent years against Iran's nuclear programme, Lebanon's Hezbollah guerrillas, suspected nuclear procurement by Syria and arms smuggling to Palestinians through Dubai, Sudan and Egypt.

Yet the official secrecy over the Zygier report, reinforced by military censors, caused an outcry in Israel, where reporters noted that their compatriots were but a mouse-click away from learning about the case from foreign media.

In a highly unusual move within hours of the ABC broadcast, Israeli editors were summoned to an emergency meeting in Prime Minister Benjamin Netanyahu's office on Tuesday and asked not to publish a story "that is very embarrassing to a certain government agency", Israel's liberal Haaretz newspaper reported.

Varghese told Australian lawmakers that the arrest of Zygier, also known as Ben Alon, had not been secret because both his family and Australian intelligence officials had been notified. Zygier, he said, also received legal representation in the ultra-secure Ayalon prison.

Australia complained to Israel in 2010 after faked Australian passports were used to stage the assassination in Dubai of a top Hamas operator and arms dealer. (Additional reporting by James Grubel in CANBERRA; Editing by Paul Tait)

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Sell IFCI, says Sudarshan Sukhani

Sell IFCI, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, " IFCI has never been my favourite stock and it does all the wrong things. Now it has made a bearish head and shoulder and it has broken down, promising much lower targets. Our intraday target is Rs 31 for a couple of days but the eventual targets for this decline could easily be Rs 27. It is a stock you want to sell whenever you can and today is a good day."

The company's trailing 12-month (TTM) EPS was at Rs 9.57 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 3.47. The latest book value of the company is Rs 31.53 per share. At current value, the price-to-book value of the company was 1.05. The dividend yield of the company was 3.01%.

The share touched its 52-week high Rs 49.40 and 52-week low Rs 25.20 on 21 February, 2012 and 04 September, 2012, respectively. Currently, it is trading 32.69% below its 52-week high and 31.94% above its 52-week low. Market capitalisation stands at Rs 5,522.28 crore.

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Investor sentiment remains sternly optimistic in Feb: BoAML

Here are experts equity calls for the day on how the markets are expected to trade:

Bharat Iyer, JP Morgan: Indian equities have re-rated sharply over the last 6 months, driven by the Government's efforts to consolidate the fiscal position. Current valuations at 15x forward earnings are higher than the long term average. Hence, it is imperative that growth revival is placed on a sound footing over the near term; else equity market performance could hit a soft patch over the second quarter.

Michael Hartnett, Bank of America Merrill Lynch: Investor sentiment remains sternly optimistic in February. Many measures of market sentiment are warning that risk assets are now vulnerable to bad news after a 7-month rally, even as cash levels remain above the 'sell signal' threshold.

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Breakdown in Nifty may test next support of 5,782: CLSA

Here are experts equity calls for the day on how the markets are expected to trade:

Ridham Desai, Morgan Stanley: All eyes are on the Union Budget and how the fiscal deficit numbers will add up, given that the FM has already announced that he will deliver on the fiscal target. While the market seems skeptical, we remain long on equities because the path of fiscal consolidation will likely prove positive for markets.

Laurence Balanco, CLSA: The intermediate trends for Asian markets remain up. However, short-term momentum indicators are still extended, which have resulted in a mixed outlook. Japan, Singapore, India & Thailand are vulnerable to further short-term declines. A breakdown in the Nifty opens the door for further short-term weakness towards the next support at 5,782.

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US poised for self-sustaining, broad-based growth: Brainard

Confident of improving the job prospects for rising middle-class in the country, the US has said it will continue to push for stronger job creation as it is poised for self-sustaining, broad-based growth.

"The United States is poised for self-sustaining, broad-based growth. We will continue to push for stronger job creation and rising middle-class incomes," Lael Brainard, US Undersecretary of the Treasury for International Affairs said yesterday.

"President (Barack) Obama is committed to a balanced approach for deficit reduction that delivers on debt sustainability while giving the private sector the support it needs to invest and create jobs," she said. During election campaigns and in debates last year Obama have pitched for better job opportunities for youngsters and promised for better future in the countries.

Adding she mentioned that US has managed a steady pace of fiscal withdrawal over the past three years, reducing the deficit by an average of more than one percentage point of GDP per year while at the same time protecting the recovery.

"According to new projections released by the CBO (Congressional Budget Office), the deficit as a share of GDP is projected to decline to roughly half the share in 2009," the Treasury Official said, adding that in the months ahead,
the US will seek balanced deficit reduction to put the debt-to-GDP ratio on a sustainable path.

Noting that the US President remains committed to finding reductions in a balanced way, she said it is important to avoid sequestration, which is a blunt and indiscriminate instrument that poses a serious threat to national security, domestic priorities and the economy.Private sector activity has now expanded for 14 consecutive quarters and the US is growing faster than most other advanced economies despite the deep damage from the financial crisis and headwinds beyond its shores, Brainard observed.

The private sector she said, has been adding jobs for 35 straight months now for over six million jobs in total. US banks are better capitalised and more conservatively funded than before the crisis and once again providing credit to support business and consumers.

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Macklemore tops British charts with video hit "Thrift Shop"

LONDON (Reuters) - American hip-hop artist Macklemore topped Britain's pop charts on Sunday with "Thrift Shop", a track hailing the pleasures of second-hand clothes shopping, the Official Charts Company said.

The release, featuring producer Ryan Lewis and singer Wanz, climbed one place to take the best-seller's crown. A YouTube hit with more than 90 million views, it has already scored number one spots in the United States, Australia, New Zealand.

British garage band Disclosure soared 26 places to number two with "White Noise", featuring London electronic duo AlunaGeorge.

American alternative band Fall Out Boy were the week's highest new entry, debuting at number five with "My Songs Know What You Did In The Dark".

In the album rankings the soundtrack of the movie version of "Les Miserables" shot back to number one, kicking last week's chart-topper "Opposites" from Scottish rockers Biffy Clyro into third place.

British indie band The Courteeners were a new entry with their third album "Anna" at number six, while Scottish rock band Frightened Rabbit were also new at number nine with "Pedestrian Verse".

(Reporting by Tim Castle; Editing by Jason Webb)

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FUN. wins Best New Artist at 2013 Grammy Awards

LOS ANGELES (Reuters) - FUN. was named Best New Artist at the Grammy Awards on Sunday, one of the top prizes on music's biggest night.

The indie-pop band beat out stiff competition from indie-folk band The Lumineers, blues-rock group Alabama Shakes, R&B singer Frank Ocean and country singer Hunter Hayes.

New York trio FUN., formed by Andrew Dost, Nate Ruess and Jack Antonoff, stormed onto the pop charts in 2012 with their single "We Are Young" and debut album "Some Nights."

The band also won the Grammy for Song of the Year for "We are Young."

The Grammy Awards were handed out during a televised ceremony in Los Angeles. (Reporting By Piya Sinha-Roy; Editing by Jill Serjeant and Stacey Joyce)

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Swiss authorities cannot open graft cases against Zardari:Naek

From Rezaul H Laskar Islamabad, Feb 9 (PTI) Swiss authorities have informed the Pakistan government that they cannot open graft cases against President Asif Ali Zardari in line with an order from the Supreme Court, Law Minister Farooq Naek said today. The Swiss authorities had conveyed their position in an official letter sent to the Pakistan government this week, Naek was quoted as saying by TV news channels. Information Minister Qamar Zaman Kaira, a close aide of Zardari, said the decision of the Swiss authorities had endorsed the stance adopted by the Pakistan government. Giving in to pressure from the Supreme Court, the Pakistan government had sent a letter seeking the reopening of the graft cases to the Swiss authorities last November. However, the letter had made it clear that the cases could be revived with the condition that the President enjoyed immunity under the Constitution and Pakistani and international laws. The standoff between the government and the apex court over approaching the Swiss authorities over the graft cases had cost former premier Yousuf Raza Gilani his job last year. The court disqualified Gilani after convicting him for contempt for refusing to revive the cases. Gilani's successor Raja Pervez Ashraf agreed to implement the apex court's orders in November after he was charged with contempt. The Supreme Court has been pressuring the Pakistan People's Party-led government to revive the graft cases against Zardari since December 2009, when it struck down a graft amnesty issued by former military ruler Pervez Musharraf. The National Reconciliation Ordinance, which was part of a secret deal between Musharraf and slain former premier Benazir Bhutto, benefited Zardari and over 8,000 others. Soon after the NRO was promulgated, former Attorney General Malik Qayyum had asked Swiss authorities to close the graft cases against Zardari. PTI RHL ZH

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Russian opposition leader put under house arrest

MOSCOW (Reuters) - Prominent Russian opposition leader Sergei Udaltsov, charged with plotting mass disorder in protests last year, was placed under house arrest by a Moscow court on Saturday.

The leftist was among several opposition figures charged with riots and violence against police during a protest against President Vladimir Putin last May on the eve of his inauguration for a third presidential term.

The Federal Investigative Committee, which answers only to Putin, had barred Udaltsov from travelling freely but said on Friday that he was not complying with that.

The court put Udaltsov under house arrest until April 6.

The shaven-headed Udaltsov has been repeatedly detained during opposition protests, in what his supporters say is a tactic intended to hamper his activism.

On Thursday, another opposition activist was arrested over the May protests. That brought to 12 the total number of people detained and awaiting trial. One person has already been convicted over the May unrest. (Reporting by Nikolai Isayev and Maria Kiselyova; Editing by Matthew Tostevin)

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NEWSALERT-AFZAL-HANG 4

Sat, Feb 09, 2013 at 09:04

NEWSALERT-AFZAL-HANG 4

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Union Home Minister Sushilkumar Shinde said Afzal Guru was Union Home Minister Sushilkumar Shinde said Afzal Guru was hanged at 8 AM. PTI SKL SPG AGL AGL

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06.00 SHAKHSIYAT

Sat, Feb 09, 2013 at 09:04

06.00 SHAKHSIYAT

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006.30 CRIME CHANNEL 07.00 ZAMANE KO DIKHANA HAI 07.30 GUSTAKHI MAAF 08.00 SARGARMIYAN 08.30 ZABAN-E-ISHQ 09.00 IMROZ 09.30 FEATURE FILM 10.00 CONTD 10.30 CONTD 11.00 CONTD 11.30 CONTD MONDAY 11TH FEBRUARY, 2013 AM 00.00 NAUJAWANO KE LIYE 00.30 BAZM-E-CHAHARBAIT 01.00 NOOR-E-GHAZAL 01.30 ZAMANA SAFAR MEIN HAI 02.00 RAHE MARFAT 02.30 SAAT SAMUNDAR PAAR 03.00 ZAMANE KO DIKHANA HAI 03.30 GUSTAKHI MAAF 04.00 SHAB GHAZEEDA SAHER 04.30 ZABAN-E-ISHQ 05.00 MANUU EDUCATIONAL PROGRAMME 05.30 SARGARMIYAN (MORE) PTI DL DL

From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

The latest earning numbers FIRST on CNBC-TV18

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Buy Mahindra Mahindra, says Sudarshan Sukhani

Buy Mahindra & Mahindra (M&M), says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Mahindra & Mahindra (M&M) has come down and found strong support at Rs 880 level. Yesterday it had a good day. We are just anticipating that the market has discounted any kind of bad news, it has already fallen from Rs 1,000 to Rs 880. Now, the only way M&M can go is up or sideways. So, whether it goes sideways or whether it goes up, in two cases out of three, the buyer is going to be a winner."

He further added, "M&M in any case is in a strong uptrend. It is a buying opportunity. It is very rare that we would like to buy in front of news but sometimes it is worthwhile."

The share touched its 52-week high Rs 974.80 and 52-week low Rs 621.75 on 10 January, 2013 and 18 May, 2012, respectively. Currently, it is trading 8.14% below its 52-week high and 44.02% above its 52-week low. Market capitalisation stands at Rs 54,978.91 crore.

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Nifty may correct upto 5918-5897: Angel Broking

Angel Broking has come out with its report on Indian markets. According to the research firm, if Nifty trades below 5948 levels for the first half-an-hour of trade then it may correct up to 59185897 levels.

The Indian market is expected to open flat with a negative bias, mirroring SGX Nifty which is trading marginally lower in the opening trade. Major Asian indices - Hang Seng and Shanghai are flat, while Nikkei is trading lower by 1.3%. Meanwhile in the US, key benchmark indices ended lower on Thursday, although they staged a strong recovery from the lows of the day.

The weakness in US markets was partly due to uncertainty about the financial situation in Europe following comments by European Central Bank President Mario Draghi. Major European indices such as FTSE 100 and CAC 40 too ended the day lower by 1.06% and 1.15% respectively. The Indian markets continued to slide due to macro-economic concerns, with the Central Statistics Office (CSO) projecting India's growth rate for 2012-13 to be at a decade low of 5% (vs 6.2% in 2011-12). The CSO's estimates are much lower than even the RBI's estimates of 5.5%.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Rupee opens at 53.12 per dollar

The Indian rupee opened at 53.12 per dollar versus 53.16 yesterday.

Mohan Shenoi, Kotak Mahindra Bank said, "Sustained appreciation of the rupee below the 53/USD level seems unlikely in view of the current account deficit. The rupee is expected to be rangebound ahead of the ECB and BOE rate decisions later today. The range for the day is seen between 53-53.40/USD."

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Have patience, Nifty will move soon: Sukhani

In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com shared his reading and outlook on market and specific stocks.

Below is the verbatim transcript of an interview aired on CNBC-TV18.

Q: There is no joy yet in trading the index?

A: Yes, no joy yet and it is also getting a little choppy. The idea yesterday, just before the close was that the market is holding on to support so maybe we should take some long positions. That may not work out in the morning so we will wait for an hour and if the market do not respond to support then the positions will be closed and we will come back to a flat situation in the Nifty and in the Bank Nifty. There is nothing there that justifies taking a long or short in any case. It was just a trade. Therefore, the focus remains on the individual stocks but the markets will not stay at standstill situation for long. We just have to have the patience. A decisive break below 5,950 levels by afternoon will give us impetus to take short positions.

Q: You are going short in big names like Larsen and Toubro (L&T)?

A: Yes, in fact there were other big names and I thought if I become so bearish then what will the Nifty do. The charts are not very conducive because a lot of the banks are also cracking down. L&T has been in a steady decline, nothing has been cheering up the stock price. It seems that a much stronger fall is imminent. Therefore, L&T is a short selling candidate, not just for today, it is also a short sell as a position trade until the Nifty does not start doing something else.   

Also Read: Govt spend in infra space to pick up: L&T's Raman

Q: You are short on Sterlite Industries from the metals basket?

A: Sterlite is a positional short. We have discussed it a few days ago also. It made a bearish pattern. That was a distribution after a very small rally. It did not have a big rally but whatever it had that rally ended with a distribution pattern, a bearish head and shoulder is been confirmed. The stock price is now moving down, broken down. That breakdown is likely to be increasing as days go by. So, not just for today, it is also somebody who wants to buy a Put or take a positional trade on the short side; Sterlite is quite decent in that respect.

Disclosure: I have no holdings in the stocks discussed.

More to come

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5950-6000 no trade area; Nifty rally short-lived: Sukhani

In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com shared his reading and outlook on market and specific stocks.

Below is the verbatim transcript of an interview aired on CNBC-TV18.

Q: Yesterday there was some talk around the market and whether or not it could defend its 50 day moving average. Is that an important level and would you be watching that today?

A: Moving averages are normally used only by traders to identify their entries and exits. So, for the broad market, I never watch them and it is not relevant. The supports at resistance levels are much more important and that is where the focus is. The Nifty is doing what it does best; it goes into a huddle and then goes into a narrow trading range. It has done that again.

Also Read: Market may drift lower! Experts bet on banking stocks

The breakdown has not been decisive enough to take only short positions. It could simply be a mild and minor correction, the three day decline that we have seen. It is a bit of confusion. However, there is some clarity on how we trade it rather than what the market will do. The clarity is that the Nifty is now logged in a very narrow range between 5,950 and 6,000. This is a no trade area, nothing to do. If one has short positions, just keep them. Above 6,000, the trend changes and below 5,950, conviction on the short side grows. Therefore, once we have clarity on how to approach the market, things become easier.  

Q: You think the down drift continues in Bata India ?

A: Yes, the down drift continues and from Rs 1,000 it has come to Rs 750. That is a 25 percent decline. A bear market is announced when a stock or an index falls 20 percent. So, Bata is not in a bull market now. At Rs 760 it's on the verge of a breaking down. Six days ago Bata had a big upmove and for the subsequent five days it has given up all the gains that it notched up. It has come back to the starting point. That is not a good chart. I think Bata has much more downside. It is not just Bata, it's a question of all midcaps, all momentum midcaps, which are now tumbling down, giving bearish chart patterns.  That is one reason why I feel that even if we get a rally in the Nifty, it is going to be either short-lived or extremely narrow. 

Q: You have also picked Cairn India from the oil and gas list to go short on today?

A: Yes, Cairn India is a horrible chart. It went up 30 points, it comes down 30 points and it is giving us a no sense of direction.

However, for the short-term traders, the sense of direction is that Rs 320 is breaking down and the next target could be Rs 308 or even Rs 300. It is not a big move but it is a tradable opportunity. Cairn India is a short sell simply because it is now moving in a trading range and as we speak, it is probably heading towards the lower end.

Disclosure: I have no holdings or interest in the stocks discussed.

More to come

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See flat to positive opening: Sharekhan

Sharekhan has come out with its report on Indian markets. The research firm says Sensex may witness flat to positive start tracking better global cues today.

Dalal Street may witness flat to positive start tracking better global cues today. SGX Nifty is also trading 13.00 points higher.On Tuesday (February 05, 2013), the Sensex shed 91.37 points to close at 19659.82 while the Nifty slipped 30.35 points to end at 5956.90. 

Daily trend of FII/MF investment in equities:

The FIIs have been the net buyers Indian stocks to the tune of Rs888.10 crore on February 01, 2013. The domestic investors sold Indian shares worth a net of Rs261 crore on February 01, 2013.The data is as per the SEBI website.

Asian markets are trading with gains on Wednesday (February 06, 2013) as investors shrugged off the previous session's Europe-inspired jitters, with Japanese shares finding an extra tailwind from renewed yen weakness.

European markets rebounded on Tuesday (February 05, 2013) from a sharp sell off in the previous session, as decent service-sector activity in the US, the euro zone and China helped to soothe frayed nerves.

US stocks rose on Tuesday after their worst session since November, as investors considered a deal by Dell Inc. to be taken private and data on the US services industry.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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