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Nifty may hit new high this week
The activities of foreign institutional investors (FIIs) with long build-up in the Nifty futures and short-covering in stock futures during the week ended September 13 augur well for the market. The Nifty is expected to hit a new high in the coming week if it crosses a crucial resistance at 5,060. On the downside, 4,940 is a healthy support level and, below that, 4,860 is the crucial support level. The Nifty rose over four per cent during the week largely due to short-covering from foreign investors in the Nifty and stock futures.

UPDATE:Phase-I of ONGC's Brazil project starts
State-run Oil and Natural Gas Corporation"s deep-sea project in Brazil has begun crude oil production and output is projected to touch 1,00,000 barrels a day soon.

News of the day

A V Rajwade: SDR as reserve currency?
A V Rajwade / New Delhi November 2, 2009, 0:32 IST
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Suven Life Sciences to raise $50 mn via securities

Pharmaceutical firm Suven Life Sciences today said it will raise $50 million (nearly Rs 239.5 crore) through the issue of securities. - Hindalco: A little more sheen - Ketan Parekh moves SC seeking permission to travel abroad - Haryana govt to sell securities worth Rs 1,200 cr - Suven Life gets two more US patents for NCEs - Daiwa to buy out SMFG, ending bank venture - ICICIdirect.com starts online trading in currency futures The shareholders of the company have approved to raise $50 million by issuing American Depository Receipts, Global Depository Receipts and Foreign Currency Convertible Bonds or by convertible securities or other debt instruments, Suven Life Sciences said in a filing to the Bombay Stock Exchange(BSE). The shareholders have also approved the appointment of DG Prasad and Martin Tolar as Director on the board of the company, the filing added. Shares of Suven Life Sciences were trading at Rs 32 on the BSE, up 2.89 per cent from previous close.


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