With the rally in global indices and the Moody's giving stable outlook on Indian Government bond ratings at Baa3(For more, refer to the P.S)made our indices to rally by more than 3%. Rupee gained to 52.5 as the markets rallied.Reliance Industries rallied by almost 5%.Reliance inds invested in Terra Power LLC through one of its subsidiaries.Terra Power LLC is into ultra modern nuclear power generation.
Top IT companies are planning to reduce the onsite work by 5% to avoid stringent visa regulations and to cut the costs.This comes at a time when the the US House of Representatives have tabled the bipartisan bill, popularly called the Call Center Bill.
Inflation for the week ending December 10th to be announced today.After a fall to 4.35% the previous week, it would be interesting to watch whether the inflation continues to ease.Analysts expect food inflation to ease to 3% by first week of January.
To avoid a credit crunch in EU , the ECB injected 489 Billion Euro into the EU banking system.This move aims at increasing the liquidity of the EU banking system and averting a crisis in the near term.
Expect our markets to open flat to negative tracking the global cues and the inflation data will decide the direction for the day.
(India's foreign currency bond ceiling is unchanged at Baa2, and the foreign currency bank deposit ceiling is now Baa3. The local currency bond and bank deposit ceilings are unified at A1. In addition, the Indian government's local currency short-term rating has been changed to P-3, from NP)
Alex Sir's Nifty levels.
Nifty supports are at 4590 and 4572. Resistances are at 4728 and 4745
