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.

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.

From cautiously advising that man-made, heat-trapping carbon gases would disrupt Earth’s climate system, mainstream scientists are increasingly convinced that the first signs of change are already here. following are the main indicators, reported in the scientific press over past three years:

RISING SEAS: Sea levels have risen in tandem with global warming, according to the UN’s Intergovernmental Panel on Climate Change (IPCC). The global average sea level has risen since 1961 at an average rate of 1.8mm (0.07 inches) per year, but accelerated from 1991 to 3.1mm (0.12 inches) per year. The IPCC estimated sea levels would rise 18-59 centimetres (7.2-23.2 inches) by 2100. but added runoff from melting land ice is accelerating. according to Germany’s Potsdam Institute for Climate Impact Research (PIK), the global sea level is likely to rise at least twice as much as projected. If emissions are not curbed, “it may well exceed one metre (3.25 feet).”

SHRINKING GLACIERS: Mountain glaciers and snow cover in both hemispheres have widely retreated in the past few decades. one of the most closely-observed sites, the Cook glacier on the southern Indian Ocean island of Kerguelen, has shrunk by a fifth in 40 years. around 1.3 billion people depend on the water that flows down from Himalayan glaciers, which in some places are falling back at up to 70 metres (230 feet) per year. The snows capping Mount Kilimanjaro, Africa’s tallest peak, could vanish entirely in 20 years, US experts reported this month.

SHIFTING SEASONS: Some species of birds and fish are shifting habitat in response to warmer temperatures. The range of 105 bird species in France moved north, on average, 91 kilometres (56.5 miles) from 1989 to 2006. Average temperatures, however, shifted northward 273 kilometres (170 miles) over the same period, nearly three times farther. Twenty-one out of 36 species of fish in the North Sea migrated northwards between 1962 and 2001 in search of cooler waters. Anecdotal evidence from commercial fishermen says once-exotic species of fish from warmer latitudes now inhabit southern British waters.

OCEAN ACIDIFICATION: The acidity of the seas is rising as oceans absorb more carbon dioxide (CO2), with an impact on coral and micro-organisms, marine biologists say. Since the start of the Industrial Revolution, the protective calcium shell of amoeba-like organisms living in the Southern Ocean called foraminifera, a vital link in the food chain, has fallen in weight by a third. “Within decades,” acidification could severely affect biodiversity and fisheries, 150 marine scientists jointly warned last January.

ARCTIC ICE: The Greenland ice sheet has lost 1,500 billion tonnes of ice since 2000, contributing 0.75 mm (0.03 inch) annually to sea levels, according to a study published this month. in 2009, the Arctic summer sea ice pack thawed to its third smallest size on record, confirming a shrinkage trend seen over the past 30 years. Some experts believe the Arctic ice cap will disappear completely in summer months within 20 to 30 years.

ANTARCTIC WARMING: The Antarctic peninsula has warmed by 2.5 degrees Celsius (4.5 degrees Fahrenheit) in the last 50 years, around six times the global average. in the past 20 years, Antarctica has lost seven ice shelves – huge floating ledges of ice, attached to the shore, that are fed by glaciers.

PERMAFROST RETREAT: Emissions of the potent greenhouse gas methane were found to be soaring at sites investigated in 2006 by University of Alaska scientists at lakes in northern Siberia. The reason is thawing of the permafrost, causing the warmed soil to release gas that had been stored for thousands of years. Billions of tonnes of methane, which comes from natural sources such as decomposing vegetation and marshland, are stored in the frozen lands of Siberia, Canada and Alaska.

CHANGED PRECIPITATION: Patterns of rainfall or snowfall increased “significantly” from 1900-2005 in eastern parts of North and South America, northern Europe and northern and central Asia but declined in the Sahel, southern Africa and parts of southern Asia, says the IPCC. “Globally, the area affected by drought has likely increased since the 1970s,” it adds.

STORMS: A mooted link between climate change and extreme events has little scientific consensus. A 2008 study by the Benfield UCL Hazard Research Centre at University College London found that warmer seas accounted for 40 percent of a large increase (from six a year to eight a year) in the number of Atlantic hurricanes from 1996-2005. other scientists say it is hard to say whether a drought, flood or cyclone is part of the longer trend which is climate change or simply just a one-off event, or series of them.

SOURCES: IPCC 4th Assessment Report (2007); Antarctic Climate and Ecosystems Cooperative Research Center (Australia); Potsdam Institute for Climate Impact Research (PIK); Nature; Science; Nature Geoscience; Laboratory for Studying Geophysics and Space Oceanography (France); French National Museum of Natural History; Pen Hadow Arctic expedition; US National Snow and Ice Data Center; British Antarctic Survey (BAS); University of Alaska at Fairbanks.

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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

The 2 new mobile phone from Nokia the Nokia 6700 Slide and Nokia 7230 are both 3G handsets and focus on social networking and messaging. The Nokia 7230 runs S40 while the Nokia 6700 Slide is Symbian reports gsmarena

The Nokia 6700 Slide isn’t too unlike its sibling the 6700 Classic and packs tri-band HSDPA and HSUPA along with quad-band GSM, a 5 megapixel camera with Carl Zeiss lens and LED flash, 2.2 inch QVGA display, Bluetooth , microSD for up to 16GB, measures 95.2 x 46 x 15.9mm and weighs in at 110 grams.

On the other side of things the Nokia 7230 is a low to mid range offering with a 2.4 inch QVGA display, quad-band GSM, tri-band 3G, 3.2 megapixel camera with fixed focus, 3.5mm jack, Nokia Messaging support, measures 98 x 48 x 14.8mm and weighs 100 grams.

The Nokia 6700 Slide will be available in several colours while the Nokia 7230 handsets will be available in just two colours and both are expected in Q1 of 2010 with the Nokia 6700 Slide commanding $239 and the Nokia 7230 commanding $149.

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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.

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 & Mahindra (M&M) may increase prices for its products in the coming months due to rising input costs. this was stated by Dr Pawan Goenka, President (Automotive Sector), on the sidelines of SIAMs Environmentally Friendly Vehicles summit on Monday.

We will try and not increase prices in the third quarter, while absorbing increases in the input costs. But if they go up as much as last year, we will have to pass it on to the consumers, he said.

Though he declined to comment on the timing or the magnitude of the possible price hike, Dr Goenka said, Yes, we are feeling the pressure and all companies are feeling it.

Dr Goenka added that in the second quarter, the company had posted margins which have been one of the best in many years, but said it would be difficult to maintain the same kind of margins in the third and fourth quarters because of the increase in prices of rubber and sheet metals.

July-September quarter was our best in terms of profit margins. it would be difficult though to maintain them at that current level, he said. if nothing changes like the excise duty or the commodity prices, I see double-digit growth for the industry in the next six months. However, if stimulus is withdrawn the growth will be lower, said Dr Goenka. M&M had posted a profit margin of 18.2% in July-September quarter.

Dr Goenka, who is also the President of SIAM, added that the industry association was working with four-five companies on developing hydrogen-CNG dual fuel technology for commercial vehicles such as autos and similar three-wheelers. this project is in the pilot stage and it will lead to development of a more efficient fuel. this will have 15% hydrogen, he said.

When asked about the market for electric vehicles (EVs), he said that the main problem was the development of supporting infrastructure. I dont see EVs being popular in the short-term, he said.

Pilot project

M&M is also running a pilot project with an NGO called Earth100, for the development of vehicles running on 100% biodiesel.

The programme, which started two-three years ago, has 8-10 Scorpios under testing.

Taken from Business Line