Howare you reading the Nifty’s movement this morning and how would you playthe index?

Actually marketswere waiting for one negative news to flow in for them to correct and the Dubaicrisis gave that news for markets to go down, it was more of a knee jerkreaction. Most of the Indian companies which have exposure to Dubai markets cameout with clarification as to the extent of losses that they might have tosuffer, which was way below the expectations and we saw that the market bouncedback in the second half and going forward today one thing that will have to waitis around 11:30 Dubai markets would open, we would have to see the reaction inDubai market. for traders that is very important but for investors any fall inthe market is a buying opportunity for longterm.

Right,tell us about auto as a pack because now we are talking about a price hikecoming in mainly because the input side has become dearer for the companies, sostocks like M&M and Tata motors, how would you really playthat?

definitely if you look atauto sector this is one sector which is exhibiting top line growth unlike othersectors and we have seen that the profits also have seen significant jump andthe cause of concern for most of these auto stocks was the increase in the rawmaterial prices and the commodity prices which will get factored in once theyraise the price of their vehicles. So what they are doing is the rise incommodity prices or rise in raw material prices being passed onto the endbuyers. So all said and done, this is one sector which will benefit and this isone sector which is seeing strong momentum growth and seeing strong top linesales and this will continue for few more quarters tocontinue.

Optical diagnosis using high-definition white light and nonmagnified narrow band imaging was accurate for diagnosing polyps sized less than 10 mm and may also be cost-saving.

The findings of this prospective study demonstrated that assessment of small polyps and planning of surveillance using optical diagnosis resulted in the same recommended surveillance interval as indicated by pathological assessment in most cases, according to an accompanying editorial by Douglas K. Rex, MD, professor of medicine at Indiana University School of Medicine in Indianapolis.

Researchers examined data from patients with a positive fecal occult blood test or previous adenomas who were under surveillance from June 2008 to June 2009. two expert colonoscopists, one trainee and one specialist nurse performed the procedures.

In 130 patients, 363 polyps sized less than 10 mm were resected. there were 278 polyps that had both optical and histopathological diagnosis. eighty were non-neoplastic lesions and 198 were adenomas.

When using white light alone or white light with narrow band imaging (NBI, Olympus) and chromoendoscopy, optical diagnosis correctly diagnosed 186 adenomas with sensitivity of 94% (95% CI, 0.90-0.97). Diagnosis was also correct for 55 of 62 hyperplastic polyps with a specificity of 89% (95% CI, 0.78-0.95). overall accuracy was 93% (95% CI, 0.89-0.96).

Surveillance intervals using histopathology and optical diagnosis were the same in 80 of 82 patients (98%), according to the researchers. when using optical diagnosis, surveillance intervals would have been identical in 78 of 82 patients (95%) using U.S. guidelines and in 80 of 82 (98%) patients using British Society for Gastroenterology guidelines. Optical diagnosis would have resulted in an overall saving of 77% for the 130 patients.

“The resect and discard approach is poised to become a vast improvement in the cost-effectiveness of colonoscopy,” Rex wrote.

Ignjatovic a. Lancet Oncol. 2009;doi:10.1016/S1470-2045(09)70329-8.

More in the Journals>>

Howare you reading the Nifty’s movement this morning and how will you playthe index?

I think this istypical when you have negative news and you get a collapse worldwide. Wenormally get this knee-jerk reaction followed by a sharp pullback, so I am notsurprised partly on Friday and the follow-up today but I think if I was atrader, at least if I bought on Friday, around these 5000-5050 levels, there isa lot of resistance now, so I at least would book my trading profits if I didanything on Friday and then just sit quiet and let the market settle down, maybe even today or tomorrow and then take a fresh call.

I think that should be idealbecause I do not think these things go away very fast. We get the knee-jerk andthe pullback but then it drifts for sometime, so I think give it a day or two.Otherwise, I think the market is still fairly okay. I am glad we bounced back onFriday because 4900 for me is very crucial level on a closing basis,that’s 4910 is roughly the 50-day exponential moving average, so once itstarts to close below that and it gets a little problematic, so the fact that ithas bounced back above it, I think that’s a good thing that happened onFridayitself.

Nowmarkets are likely to be range bound and what kind of a trading range would yoube watching out at least for the session today and also tell us about the MSCIIndia rejig? We believe that’s going to be active with effect today, itstarts after markets close. how would stocks like HDIL and Suzlon behave afterthey get into the MSCI index?

since status has beenannounced early on, I think if anybody has a portfolio based on that, a lot ofthe churning must have already happened. I think the interesting thing fromFriday’s move will be particularly Suzlon. I think that surprised quite abit of traders also for that stock to be up 5-6%. 76-76.5 is a crucial level, Ithink if it takes that, although it is not one of my favourites to trade, but Ithink if it does takes that out, the 76 range, then its probably headed towards84-85 but if it even reaches there, then I think that’s a good exit levelfor anybody that is stuck.

Howare you reading the Nifty’s movement this morning and how would you playthe index?

actually marketswere waiting for one negative news to flow in for them to correct and the Dubaicrisis gave that news for markets to go down, it was more of a knee jerkreaction. most of the Indian companies which have exposure to Dubai markets cameout with clarification as to the extent of losses that they might have tosuffer, which was way below the expectations and we saw that the market bouncedback in the second half and going forward today one thing that will have to waitis around 11:30 Dubai markets would open, we would have to see the reaction inDubai market. For traders that is very important but for investors any fall inthe market is a buying opportunity for longterm.

Right,tell us about auto as a pack because now we are talking about a price hikecoming in mainly because the input side has become dearer for the companies, sostocks like M&M and Tata motors, how would you really playthat?

Definitely if you look atauto sector this is one sector which is exhibiting top line growth unlike othersectors and we have seen that the profits also have seen significant jump andthe cause of concern for most of these auto stocks was the increase in the rawmaterial prices and the commodity prices which will get factored in once theyraise the price of their vehicles. So what they are doing is the rise incommodity prices or rise in raw material prices being passed onto the endbuyers. So all said and done, this is one sector which will benefit and this isone sector which is seeing strong momentum growth and seeing strong top linesales and this will continue for few more quarters tocontinue.

MUMBAI:Indices were on a firm foot on Wednesday as buying activity resumed across theboard ahead of November series expiry. however volatility later in the daycan’t be ruled out.

At 12:29 pm, Bombay StockExchange’s Sensex was at 17269.62, up 138.54 points or 0.81 per cent. The30-share index hit an intra-day high of 17284.30 and low of 17124.15.

National Stock Exchange’s Nifty was at 5123.25, up 32.05 points or0.70 per cent.

“Nifty depicted signs of weakness on shortterm charts with formation of distributive patterns. Short term oscillators havebeen depicting sign of weakness for some time. Despite the divergence the indexso far continued to form higher peaks and troughs. Failure to rally past 5110would lead to increasing weakness in the index. Short term supports are placedat 5050 and below that at 5020 while 5110 remain crucial supply zone. Trenddecider level remains at 4900 and 5185 which may lead for unfolding of a biggermove,” said Edelweiss report.

BSE Midcap Index was up 0.77 percent and BSE Smallcap Index gained 0.93 per cent.

amongst thesectoral indices, BSE Oil&gas Index was up 1.76 per cent, BSE Metal Indexmoved 1.33 per cent higher and BSE Auto Index gained 1.10 per cent. BSE RealtyIndex was down 0.22 per cent.

Reliance Industries (1.90%), Mahindra& Mahindra (1.75%), Hero Honda (1.66%), Maruti Suzuki (1.61%) and ITC(1.46%) were amongst the top Sensex gainers.

DLF (-0.86%), NTPC(-0.46%), ICICI Bank (-0.42%), Tata Power (-0.34%) and Wipro (-0.14%) wereamongst the top losers.

Market breadth was positive on the BSE with1608 advances and 913 declines.

Mahindra Defence Systems (MDS), a unit of M&M will bid for defence projects in India worth $3.5 billion over the next seven years, said its chief executive yesterday.

Khutub Hai, head of MDS, a special division set up in New Delhi to oversee the requirements of the domestic defence sector told Reuters in an interview yesterday, ”Most of projects will come from artillery systems and armoured vehicles.”

Hai said that he hopes to increase revenues from the current $21.7 million to $430 million by 2016 through joint ventures.

In March 2009, M&M had sought shareholders’ approval to spin off two divisions of its defence unit into separate subsidiaries by transferring the land systems and naval systems divisions of MDS into separate companies. (See: M&M proposes to spin off land, sea defence units)

MDS is a current supplier of the entire range of light combat / armoured vehicles and their derivatives for defence / security forces. It also is the largest private sector company supplying bullet-proof vehicles and sea mines.

The company has been awarded industrial licenses by the government of India for Light Armoured Multi Role Vehicles, simulators for weapons and weapon systems, mobile surveillance platforms, sea mines, small arms and Up-armoured vehicles

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SAN FRANCISCO – (Business Wire) Fitch Ratings assigns an ‘AA+’ rating to $9.6 million City of Santa Monica Public Financing Authority, California’s lease revenue refunding bonds, series 2009 (public safety facility project).

In addition, Fitch affirms the following ratings at ‘AA+’:

–$9.4 million lease revenue bonds, series 1999 (public safety facility) (to be refunded);

–$12.3 million lease revenue bonds, series 2002A (public safety facility);

–$36.4 million lease revenue bonds, series 2004 (civic center parking).

Fitch also affirms the ‘AAA’ rating on the city’s $16.7 million in outstanding general obligation (GO) bonds. the Rating Outlook is Stable.

the lease revenue bonds are expected to sell via negotiation during the week of Nov. 30, 2009. Bond proceeds will be used to refund for savings the city’s outstanding lease revenue bonds, series 1999.

the ‘AAA’ GO rating reflects the city’s strong and mature economic base, a tax structure that captures much of the city’s economic activity but also presents vulnerability to economic cycles, sound financial position as characterized by high financial reserves, affordable debt burden, and effective financial management. the city has a solid business base, with prominent retail locations and waterfront hotels; however, two of the city’s main revenue sources, sales and transient occupancy taxes, currently are demonstrating their sensitivity to economic downturns. To date the city has been able to control spending and maintain fiscal balance, but the city will need to continue to closely monitor these economically sensitive revenues as well as manage spending pressures to maintain balance.

the ‘AA+’ lease rating reflects the factors above as well as all lease transactions’ strong legal structure. Lease features include the city’s covenant to budget and appropriate sufficiently for lease rental payments, and a requirement for rental interruption insurance.

Santa Monica is a mature, stable, and wealthy coastal community covering about eight square miles west of Los Angeles. With a population of about 92,000 it is almost entirely developed. Major taxpayers include retail, office, and high-end hotels. After several years of very low unemployment, the city’s jobless rate increased sharply to 10.5% in September 2009 but remains considerably lower than the rate of the county and state. Income levels are very high with a median household income of $67,581 in 2006, compared to Los Angeles County’s median of $55,192. Taxable value is also very high, at approximately $260,000 per capita.

City finances benefit from a diverse revenue stream, led by property taxes (14% of general fund revenues in fiscal 2009) and followed by sales, utility, hotel and business license taxes each comprising 11%-12% of general fund revenues. While sales and transient occupancy taxes are particularly sensitive to economic downturns, the economic impact on property, business and utility taxes is less immediate, giving the city’s experienced financial management team time to respond appropriately. the city maintains sizable financial reserves, with a total general fund balance of $196.6 million according to unaudited fiscal 2009 information. this totals a high 72.5% of general fund spending including transfers out. In fiscal 2009, the city was able to transfer in to the general fund $56 million which had been restricted in connection with environmental clean-up litigation. In fiscal 2009, a sizeable $159 million of the fund balance is unreserved, equal to about 57.4% of spending, up from 25% of spending in fiscal 2008 due to the transfer.

While fiscal 2009 revenues came in under budget by about $5.2 million, through mid-year cuts and a hiring freeze the city was able to generate an operating surplus in fiscal 2009. Fiscal 2010 budgeted revenues are about flat and receipts are about $6 million below budget. the city is continuing to respond to the revenue picture by adjusting its spending to retain fiscal balance. for fiscal 2010, the city budgeted a $7.8 operating surplus which, although more than offset by $25 million in capital spending still results in high fund balances.

Santa Monica’s direct debt burden is low, just $915 per capita and 0.4% of market value, but including overlapping entities, the per capita debt is moderate to high at $4,498 but a low 1.5% of market value.

Additional information is available at ‘fitchratings.com’.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE.

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And there is no sign of any prolonged dry weather on the horizon.

For the first 15 days of November 214.9mm of rain fell in Fermanagh – but the long-term average rainfall for the entire month in the county is only 121.5mm.

A Met Office spokesman said none of the daily Fermanagh rainfall totals of the past month are of themselves in any way extreme or unusual for the time of year.

“It appears to be the consistently wet weather which has resulted in cumulative flooding,” he said.

“Since mid-October there have been only two entirely dry days in the county.”

For the first half of November, rainfall across Northern Ireland is running at 172.6 mm or 159 per cent of the long term average – so far the third wettest in the series back to 1914.

Since mid-October until now rainfall at St Angelo in Enniskillen has been measured at 287.2mm.

The Met Office said that it was simply the type of weather coming in from the Atlantic over Fermanagh that was responsible and that there would continue to be “an unsettled theme” for the rest of the month with “no prolonged dry weather” yet visible in forecasts.

Agriculture Minister Michelle Gildernew, who has responsibility for the Rivers Agency, visited Erneside Shopping Centre yesterday to witness the flooding.

The Fermanagh and South Tyrone MP said that Rivers Agency has been working with the Electricity Supply Board to ensure that lough levels were drawn down to the lowest permissible level in October 2009, to provide maximum storage during the winter months.

And she said that since November 5 the outflow channel has also been operating at maximum capacity.

However, in spite of this proactive management, the sheer amount of rainfall has resulted in the highest lough levels on record, she said, adding that all government authorities remain on “high alert”.

“My thoughts are with everyone affected and my heart goes out to those whose day-to-day business has been upset, particularly local schoolchildren whose education has been disrupted,” she said.

The minister said it will take time for water levels to fall and that a speedy review of the flooding incident will take place.

“The combined efforts of the emergency services, my own Rivers Agency staff, Roads Service, local councils and NI Water to assist those affected are a credit and I wish to express my sincere thanks to all of them,” she said.

She had spoken with Finance Minister Sammy Wilson to ensure the matter was kept an Executive priority, she added.

DUP Assembly Member for Fermanagh and South Tyrone, Arlene Foster, said the recent heavy rainfall and associated flooding has had a major impact in Fermanagh.

“Traffic delays are a significant problem in Enniskillen. there is widespread public concern that in the run-up to Christmas, traffic chaos in the town could get much worse,” she said.

For flooding information see nidirect.gov.uk or call the Emergency Flooding Incident Line on 0300 2000 100.

Mahindra Defence Systems (MDS), a unit of M&M will bid for defence projects in India worth $3.5 billion over the next seven years, said its chief executive yesterday.

Khutub Hai, head of MDS, a special division set up in New Delhi to oversee the requirements of the domestic defence sector told Reuters in an interview yesterday, ”Most of projects will come from artillery systems and armoured vehicles.”

Hai said that he hopes to increase revenues from the current $21.7 million to $430 million by 2016 through joint ventures.

In March 2009, M&M had sought shareholders’ approval to spin off two divisions of its defence unit into separate subsidiaries by transferring the land systems and naval systems divisions of MDS into separate companies. (See: M&M proposes to spin off land, sea defence units)

MDS is a current supplier of the entire range of light combat / armoured vehicles and their derivatives for defence / security forces. it also is the largest private sector company supplying bullet-proof vehicles and sea mines.

The company has been awarded industrial licenses by the government of India for Light Armoured Multi Role Vehicles, simulators for weapons and weapon systems, mobile surveillance platforms, sea mines, small arms and Up-armoured vehicles