My number one gold stock thanks Obama & Geithner

Dear Investor,

You have seen gold skyrocket to over $1,000 an ounce.

But this is just the beginning, according to leading financial experts. UBS says that gold will climb to at least $2,500.

And precious metals experts like Peter Schiff and James Dines are predicting it won't stop until it hits $5,000!

Why? Because of...
■A record-setting budget deficit of $1.8 trillion for 2009
■A national debt that now exceeds $11.8 trillion (and that's not counting unfunded obligations such as Social Security, Medicare and federal pensions-which total an estimated $104 trillion!)
■An inflated money supply that has more than doubled since September 2008-sending the dollar to new lows against the euro and other currencies
■And escalating insanity in Washington that is catapulting the U.S. toward hyperinflation
The end result of all this will be more inflation, more unemployment and more turmoil. And the only surefire way to protect your family and your wealth is to make sure you have a significant position in gold.


Not coins. Not bullion. But select gold stocks.Let me tell you about one of these gold stocks that I recently recommended...and still believe could deliver you a 2,344% rise in the next 12-24 months.


Constitution Mining Corp. (CMIN.OB) has soared in the past 19 weeks...and after hundreds of hours of research, I believe it could skyrocket 2,344% in the next 12-24 months.

You'll see that on July 9, 2009, I recommended that you invest in Constitution Mining Corp. (CMIN.OB) when it was selling for just $0.57. Today-just 19 weeks later-it's $1.19.

Constitution Mining Corp. (CMIN.OB) has soared in the past 19 weeks...and after hundreds of hours of research, I believe it could skyrocket 2,344% in the next 12-24 months.

If you had invested when I first recommended Constitution Mining, you could have already made 108.8% on your money-enough to turn $10,000 into $20,880.

I expect Constitution Mining to go much higher-perhaps even to $29.08 a share over the next 12 to 24 months.

In fact, if you get in now, you could turn $10,000 into $244,400 or potentially more over that time period.

What makes me so sure? Cold, hard facts... Hundred of hours of research turned me
from skeptic to believer.I make that recommendation with the utmost confidence. You see, when I first heard about Constitution Mining, I was skeptical. And I looked at it with my usual “don't trust, but verify” approach-an approach that served me well in my more than 30 years as a Swiss investment banker. And an approach that has saved my grateful clients millions of dollars over the years.

So when I started digging into Constitution Mining, I immediately began looking for a reason-any reason-to reject it as an investment and to move on to greener pastures.

Yet, the more I dug, the more I became convinced that Constitution Mining was on to something big. In fact, after many hundreds of hours of research, analysis and consultation with top mining experts and geologists, I've come to the conclusion that this company has made an epic gold discovery that could...

■Hold as many as 50 million to 75 million ounces of gold-worth at least
$57.5 billion at today's prices.
■Bring early investors a return of 657%...1,413%...or even as much as 2,344%.
Those numbers are based on results from the company's most recent 500 drill holes. And they've been confirmed by Dr. Vicente Méndez, an independent geologist I brought in to verify the drilling results and geologic reports about the discovery.

And the nice thing is, the company only has to confirm a small fraction of that 50 to 75 million ounces for you to make a killing. Much smaller finds have already produced windfall profits for savvy investors who got in early.2,075% profits on a smaller discovery!For example, after Kinross Gold announced its Fort Knox gold discovery, the stock soared 2,075%. Investors who got in early made 20 times their money.

Or take Barrick Gold. After Barrick discovered its famous 15-million-ounce mine in 1987, early-bird investors made an astonishing 12,440% on their money, turning $10,000 into $1,254,000.


Even a small amount of gold could help you make 6 times your money.No, I can't promise you're going to make a million dollars on this one stock. However, I can tell you that even a relatively small amount of gold could help you at least triple your money. Anything you make on top of that is gravy.For example, let's say Constitution Mining is only able to take 700,000 ounces from the site-less than 1% of the 75 million ounces the site may actually hold.

With gold selling for $1,150 an ounce at this writing, a 700,000-ounce discovery could generate $805 million in revenue. Subtract the $185 per-ounce cost of extracting the gold ($129.5 million) and Constitution Mining gets $675.5 million.

Divide that $675.5 million by 75 million shares outstanding, and Constitution Mining's share price climbs to $9.01 per share...for a potential gain of more than 657%.

That's enough to turn $10,000 into $75,700. And that's if the project holds only a fraction-less than 1%-of the 75 million ounces drilling results seem to indicate it holds.

However, get this: If gold goes to $2,000 as the federal deficit soars and inflation explodes to double digits over the next year, you could make nearly twice as much money, as Constitution Mining's profit per ounce soars.

Why 14 times your money is much more likely. I deliberately used a small number-700,000 ounces-to make it clear just how profitable this discovery could be for you. But the fact is, if I thought for one minute that 700,000 ounces was all Constitution Mining would find, I wouldn't spend much time thinking about this stock.

You see, I'm looking for special situations that could earn my subscribers at least 10 times their money. And that's exactly what I think you're in for with Constitution Mining.

Let me give you another illustration: Suppose the property actually holds 1.4 million ounces. When you go through the same calculations above, you could end up with a share price of $18.01 per share! That's a gain of $1,413%-more than 14 times your money and enough to turn $10,000 into $151,300.

And if the price of gold doubles, so do your profits!Now let's look at one last scenario-still involving a relatively small amount of gold, say 2.26 million ounces. In my mind, this is practically a slam dunk-and it's enough to send the stock soaring to $29.08 per share using the calculations above.

That's a phenomenal gain of 2,344%, which could turn your $10,000 into a $244,400 fortune!In other words, you could make 23 times your money, even if this mine turns out to be a huge disappointment, and only produces a tiny fraction of what it's estimated to hold. Now that's what I call a margin of safety.

If you've missed out before,now is the time to cash in.This isn't the first time my inner circle has uncovered a big winner like this.Take Seabridge Gold (AMEX: SA), which my inner circle recommended and invested in at $2.75 a share......only to see it soar to $25.20 over the next 2 years, turning every $10,000 invested into $91,600! Wouldn't that be nice?

Or Silver Standard Resources, which better than tripled investors' money in just 3 months!

However, those kinds of profits only come to investors who get in early-before the mass of investors come piling in or a big company swoops in and buys the whole thing lock, stock and barrel.And that could happen sooner rather than later. You see, over the next few weeks I'll be sharing my findings on Constitution Mining with my extensive network of Swiss investment bankers and their clients. They're hungry for a great gold stock, and Constitution Mining fits the bill nicely.


With Swiss Confidential in your corner, you'll have the tools you need to begin rebuilding your wealth over the next 12 to 24 months...in spite of this economic crisis and the disturbing inflation that lies ahead.


You still have time to get in on the ground floor with Constitution Mining. But if you wait too long, the easy profits will be gone. And be sure to follow my buy, hold and sell recommendations on Constitution Mining in the pages of Swiss Confidential.

Remember, I spent more than 30 years as a Swiss investment banker. In those years, I became privy to the closely guarded fortune-building and asset-protection secrets that the Swiss have kept to themselves for centuries. These strategies have helped the world's wealthiest people grow even wealthier.And now they can do the same for you with Constitution Mining and the other recommendations you'll discover in Swiss Confidential.


The Marañón and Santiago Rivers bring tons of gold down from the gold-rich Andes Mountains—filling the Peruvian Gold Sands with treasure for millions of years. The region is also home to Newmont Mining’s Yanacocha gold mine, Gold Fields’ Cerro Corona Mine and Kinross Gold’s Aurelian deposit

DISCLAIMER:
This Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice.I assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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Nifty And Bank Nifty Future - What To Expect On 1st

Develop a third eye, see the real things only:
I really love one word of Brett N. Steenbarger that half of what we see in the market isn't real. Suppose you see the Nifty futures rise a full point in a short period of time on solid volume. Seeing the market rally, you jump aboard, only to have the entire move retrace.

What happened?

In a nutshell, that move you saw on the screen wasn't real. Yes, the index rose on buying, but what you didn't see on the screen was that the very same buyers of the index were selling the Nifty futures. Once the futures moved a full point higher, exceeding fair value, they then sold the futures against a basket of stocks in the index to bring the futures and cash back into line. The moves were real, in the sense that they genuinely cost traders money. They're not real, in the sense that buying or selling did not reveal bullish or bearish tendencies on the parts of large market participants. So you need to develop a third eye to see the real things in the market


Now what happened today? Dubai’s government said it hasn’t guaranteed the debt of Dubai World, the state-controlled holding company struggling with $59 billion in liabilities, and that creditors must help it restructure. Dubai shares tumbled and Abu Dhabi’s stock index today fell the most in at least eight years on the first trading day since the announcement.


What will be the effect on Indian market? We are entering December, a month of holidays. I hope you will want to play it safe in December. 100% sure if you just follow this site for Nifty and Bank Nifty you need not to see any other site for the same. Yesterday written in Nifty future above we will see clear run up till 5052 or more. Don't be astonished, dont waste time on finding the answer how I knew it beforehand, instead just check the charts once crossed 5018 today, it made a high of 5072.50. Written if stays above 8878 Bank Nifty future will zoom till 9013/9078 or even 9146. See it to believe it, Bank NF made a high of 9128 before crashing in the end. Is it any more a rocket science that the subscribers have made 600+ points in the last two Bank Nifty trades in the last 3 sessions alone?

Now what to expect tomorrow? Nifty future above 5008 is safe for bulls. Will again touch 5052/5067/5080 on the higher side. Important resistance exists at 5067 and support exists at 4937. Now if breaks 4937 and even breaks 4917, then??

Bank NF upside first hurdle 9013, if crosses with volume then will move till 9098/9125/9146. But if breaks 8878, then?? You need to subscribe to the Nifty pack, for full market hour guidance.


To get all updates in market hours, join me live in Nifty/Bank Nifty Future trading in my live trading room. See the Premium Services page for more details.

Nifty future important levels for Tuesday, 1st December:
R3 5149 R2 5111 R1 5067 PP 5029 S1 4985 S2 4946 S3 4902.
Bank Nifty future important levels for Tuesday, 1st December:

R3 9242 R2 9185 R1 9085 Pivot Point 9029 S1 8930 S2 8873 S3 8774

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Daily Report: Dollar Weakens as Asian Stocks Rebound, Yen Steadily in Range

Dollar retreats further today as Asia markets stabilizes from last week's sell off with Nikkei rebounded over 2.9%. Yen is relatively steady and pares earlier losses into European session. UAE central bank said it "stands behind" the debts owed to foreign banks by Dubai World while Abu Dhabi central bank also said a special liquidity scheme would be available to overseas banks. The news eased concern of about a possible default by state-owned Dubai World and investors sentiments were somewhat improved.

BoJ Governor Shirakawa said today that they bank is paying "due attention to the effects of the recent rapid appreciation of the yen on business sentiment." Also, he reemphasized that BoJ will "act promptly and decisively if judged necessary to ensure the stability of financial markets." Over the weekend, Prime Minister Hatoyama ordered cabinet ministers to include in a supplementary budget for fiscal 2009 measures aimed at coping with the surging yen and declining Japanese stocks. There will also be a meeting between Shirakawa and Hatoyama as early as Wednesday for a discussion on risks to the fragile recovery in the Japan economy. But after all, yen pays little attention to the rhetoric and remains steady in range.

Dollar's outlook remains quite mixed for the moment, except that it's clearly bearish against yen. As noted before, EUR/USD was kept above 1.4801 support last week and thus gave no indication of topping yet. Subsequent strong rebound from 1.4828 extends further today and is possibly on the way to challenge 1.5143 high. Similar situation was found in dollar index which rebound was limited below 75.88 support and a retest on 74.19 low cannot be ruled out. Developments in GBP/USD and AUD/USD both still favor more downside. However, the fall from 1.6875 and 0.9404 are not displaying five wave structures yet and could, in the end, turn out to be corrections only. Hence, firstly, we'll stay neutral in EUR/USD, USD/CHF and USD/CAD for the moment and bearish on GBP/USD and AUD/USD. However, secondly, we'll turn bearish on dollar in generally in case of a new high in EUR/USD, which should be accompanied by a new low in the dollar index.



On the data front, Japanese manufacturing PMI dropped to 52.3 in November. Industrial production rose less than expected by 0.5% mom in October. Housing starts dropped less than expected by -27.1% yoy in October. UK Gfk consumer confidence unexpectedly deteriorated from -13 to -17 in November. Looking ahead. main focus will be on Eurozone CPI, which is expected to turn positive to 0.4% yoy in November. Canadian GDP is expected to returned to 1.0% annualized growth in Q3. Canadian IPPI and RMPI as well ass US CHicago PMI will also be featured.

AUD/USD Daily Outlook
Daily Pivots: (S1) 0.8960; (P) 0.9047; (R1) 0.9149; More

AUD/USD's rebound from 0.8945 extended further to as high as 0.9192 today so far but lost some momentum after hitting 4 hours 55 EMA. While some more recovery cannot be ruled out, upside is still expected to be limited below 0.9321 resistance and bring fall resumption. Below 0.9050 minor support will flip intraday bias back to the downside and further break of 0.8945 will target 0.8915 support and then 161.8% projection of 0.9404 to 0.9060 from 0.9321 at 0.8764 next.

In the bigger picture, the sustained trading below the medium term channel support indicates that whole medium term rise from 0.6008 has made a top at 0.9404 with bearish divergence condition in daily MACD. Further break of 0.8915 support will confirm this case and bring sizeable correction towards 0.7702/0.8626 support zone but strong support should be seen there to bring rebound. On the upside, however, note that a break of 0.9321 resistance will indicate that fall form 0.9404 has completed. The corrective three wave structure will indicate that AUD/USD's up trend is not completed yet and another high should then be seen above 0.9404 before AUD/USD tops.



Economic Indicators Update
GMT Ccy Events Actual Consensus Previous Revised
23:00 CHF SNB Chairman Roth Speaks -- --
23:15 JPY Manufacturing PMI Nov 52.3 -- 54.3
23:30 AUD TD Securities Inflation M/M Nov 0.30% -- -0.30%
23:50 JPY Industrial Production M/M Oct P 0.50% 2.50% 1.40% 2.10%
23:50 JPY Industrial Production Y/Y Oct P -15.10% -13.40% -18.90%
0:01 GBP GfK Consumer Confidence Survey Nov -17 -11 -13
1:00 JPY BOJ Governor Masaaki Shirakawa to Speak in Nagoya -- --
5:00 JPY Housing Starts Y/Y Oct -27.10% -33.20% -37.00%
9:30 GBP Mortgage Approvals Oct 57.0K 56.2K
10:00 EUR Eurozone CPI Estimate Y/Y Nov 0.40% -0.10%
13:30 CAD GDP M/M Sep 0.4 -0.10%
13:30 CAD Quarterly GDP Annualized Q3 1.00% -3.40%
13:30 CAD Industrial Product Price M/M Oct 0.40% -0.50%
13:30 CAD Raw Materials Price Index M/M Oct 2.80% -1.10%
14:45 USD Chicago PMI Nov 53 54.2

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Stocks ready for post-holiday bump

Futures turn higher as Dubai crisis eases. Modest holiday sales could push Wall Street up at the opening bell

NEW YORK -- U.S. stocks were set to open modestly higher Monday as fears eased over the Dubai debt shakeup and despite early reports of tepid holiday sales figures for the Thanksgiving weekend.

Dow Jones industrial average, Nasdaq-100 and S&P 500 futures were modestly higher. Futures measure current index values against their perceived future performance, though they're not always an accurate forecast of stock activity after the opening bell.

Friday's big selloff, triggered by the Dubai debt crisis, pushed the three leading stock indexes down slightly for the week.

Dubai: The United Arab Emirates said Sunday it would guarantee banks in Dubai, where a crisis has emerged concerning efforts to delay payments on nearly $60 billion in debt.

The Dubai situation led to a global selloff late last week. While markets in the region were down sharply Monday, the first trading day after a 4-day holiday, Asian markets rebounded. Tokyo's Nikkei index gained nearly 3%, while Hong Kong's Hang Seng index rallied 3-1/4%.(Dubai stocks plummet)

European markets, which steadied Friday in the wake of the Dubai crisis, were lower in afternoon trading Monday.

"We're seeing a much more muted response to what's going on in Dubai," said Art Hogan, chief market analyst at Jefferies & Co.

Retail: Initial results for the Thanksgiving holiday weekend indicate that the average shopper was spending less at the nation's stores.

In a report issued Sunday, the National Retail Federation said the average shopper spent $343.31 over the holiday weekend, down from $372.57 last year. Overall sales rose to $41.2 billion from $41 billion, with the number of shoppers climbing to 195 million from 172 million over the four-day span.

Hogan noted that despite the lower per-shopper spending, retailers spent less money promoting sales this year.

"They'll be more profitable," he said. "Right now, things are looking much better on a year-over-year basis."

Merchants were hoping to do a little better Monday, a day called Cyber Monday, when shoppers take to the Internet at home and at work. (Cyber Monday: Hope for disappointed stores).

Other markets: The dollar, which had rebounded off recent lows last week as a safe haven in the Dubai debt crisis, retreated early Monday against the euro, yen and U.K. pound.

Oil gained 9 cents to $76.13 a barrel. Gold eased from its recent peaks, down $2.20 to $1,172 an ounce.

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INIAN STOCK MARKET / Market snaps two-day slide on robust Q2 GDP data

Key benchmark indices surged, ending a two-day losing streak, as the latest data showed the economy expanded at a stronger-than-expected 7.9% pace in the second quarter. However, intraday volatility was high. The barometer index BSE Sensex fell below the psychological 17,000 mark soon after a sharp surge took it above that level in afternoon trade. Today's rally was on the back of lower turnover.

Asian stocks surged after United Arab Emirates central bank on Sunday, 29 November 2009, offered additional liquidity to local and international banks in the UAE and reassured investors it "stands behind" the lenders. Also boosting the sentiments, global banks outside the Gulf said they were not heavily exposed to Dubai debt. The BSE 30-share Sensex was up 294.21 points or 1.77%, off 100.69 points from the day's high and up 270.47 points from the day's low.

Government data released today showed the gross domestic product (GDP) grew by 7.9% in Q2 September 2009, from 7.1% in the previous year, shattering forecasts as stimulus measures boosted demand and manufacturing activity surged. The economy had registered a 6.1% growth in the first quarter.

The bulk of the recovery was led by a 9.2% growth in manufacturing, while mining and construction activities also expanded by 9.5% and 6.5%, respectively. But agriculture continued to me a major drag with a mere 0.9% growth.

Reacting to the GDP figures Montek Singh Ahluwalia, Deputy Chairman, Planning Commission said economic growth forecast for the year to March 2010 may have to be revised upwards as data released today showed a faster expansion in September quarter. He added that there was no serious concern on inflation as of now and conventional monetary policy was unlikely to be effective in curbing food price rise.

Subir Gokarn, a central bank deputy governor said today that the recovery of the economy was gaining strength but December quarter numbers could be lower than the 7.9% annual growth recorded in the September quarter. Gokarn also said food price inflation was a matter of concern and authorities would keep a watch on capital inflows.

Finance minister Pranab Mukherjee today said he expects the economy to grow around 7% in the fiscal year ending March 2010. During the weekend, the finance minister said that Dubai's debt crisis would not affect India much, but the government is keeping a close watch and will act to prevent any fallout.

India's fiscal deficit during the April to October 2009 period was Rs 2.45 lakh crore ($52.7 billion), or 61% of the full-year target, the government said in a statement on Monday. Tax receipts were Rs 2.14 lakh crore and total expenditure was Rs 5.37 lakh crore for the first seven months of 2009/10 fiscal year.

Coming back to stocks, the market breadth was strong today. A total of 26 shares from the 30-member Sensex pack advanced. Metal stocks were at the forefront of the rally on fresh buying after the recent steep fall. Telecom pivotals extended Friday's gains on fresh buying. Cement and IT shares also gained on fresh buying. Index heavyweight Reliance Industries retraced from the day's high. Banking shares also retraced from day's high on profit booking.

Intraday volatility on the bourses was high. The market pared gains in morning trade after an initial rally triggered by firm Asian stocks. The market surged later on robust Q2 GDP growth data. The market struck fresh intraday high in afternoon trade as buying demand for index pivotals intensified. The market pared gains later as European stocks dropped. The market strengthened again in mid-afternoon trade. Profit booking in late trade capped gains in the market. The market once again pared gained again in late trade.

European markets were mostly lower today, 30 November 2009, weighed by financial and oil stock. Key benchmark indices in Germany, and France were down 0.70% and 0.90% respectively. However, UK's FTSE 100 index rose 0.35%. Trading in US index futures showed the Dow could fall 24 points at the opening bell today, 30 November 2009.

Earlier in the global day Asian stocks rose after the United Arab Emirates offered emergency assistance to banks in Dubai, soothing the market fears about a looming debt default. Key benchmark indices in China, Hong Kong, Japan, South Korea and Taiwan were up by between 1.22% to 3.25%. However, Singapore's Straits Times index fell 1.09%

Chinese shares surged after Beijing late Friday said it will maintain an active fiscal policy and moderately loose monetary policy next year, allaying investor concerns over a tightening policy bias.

Japanese manufacturing activity fell to a four-month low in November 2009, a survey showed today, suggesting growth in production is moderating as the effect of global stimulus measures fades. The Nomura/JMMA Japan Manufacturing Purchasing Managers Index (PMI) fell to a seasonally adjusted 52.3 in November 2009 from 54.3 in October 2009. The index remained above the 50 threshold that separates contraction from expansion for the fifth month in a row but declined for the second consecutive month from a three-year high set in September.

Japan's industrial production rose less than economists estimated in October 2009. Factory output increased 0.5% last month from September 2009, the slowest pace in eight months, the Trade Ministry said today, 30 November 2009, in Tokyo.

Dubai's Nakheel, developer of man made islands in the shape of palms, said on Monday it has asked for three of its listed Islamic bonds, or sukuk, on Nasdaq Dubai to be suspended until it is in a position to inform the market more fully. Nakheel is one of two flag ship companies, along with Dubai World, which announced last week that they would seek a debt standstill agreement from creditors, until May 2010.

United Arab Emirates' (UAE) central bank said on Sunday, 29 November 2009, it would back the country's lenders from a possible default by Dubai World. Abu Dhabi-based UAE central bank said financial institutions will be able to borrow using a special facility tied to their current accounts.

Meanwhile, the International Monetary Fund (IMF) said it welcomes the announcement by the central bank of the UAE to make available a special additional liquidity facility to back local and international banks operating there. The IMF said it will continue to monitor the situation following the unexpected announcement by the government of Dubai regarding a standstill on the debt of Dubai World and its Nakheel subsidiary, which has had an adverse impact on financial markets.

The UAE is a "strong resource-based economy," the fund also said. "We look forward to further clarification by the authorities towards a cooperative mechanism to address the issues between these debtors and their creditors," the IMF said

Markets from Asia to the US fell last week after Dubai World announced on 25 November 2009 that it was seeking to delay loan repayments. Dubai World, a state-owned holding company struggling with $59 billion of debt and other liabilities, said it would seek a standstill agreement with creditors and an extension of loan maturities until at least 30 May 2010. That raised the prospects of rising loan losses for UAE and foreign banks.

Trading in US index futures indicated a flat opening of US stocks on Monday, 30 November 2009. US index futures pared initial strong gains

In US on Friday, 27 November 2009, the Dow Jones Industrial Average fell 154.48 points, or 1.48%, to 10,309.92. The Standard & Poor`s 500 Index slid 1.72% to 1,091.49 and the Nasdaq Composite index declined 37.61 points, or 1.73%, to end at 2,138.44.

Back home, many companies were quick to play down their exposure to Dubai on Friday, 27 November 2009. Engineering conglomerate Larsen & Toubro said it had exposure to Dubai of $20 million to $25 million. India's largest listed realty firm, DLF, and second ranked Unitech said they had no exposure to Dubai, and leading private bank ICICI Bank said it had no material exposure. While Indian banks are heavily focused on the domestic market, they are active in handling remittances from overseas workers. State-run Bank of Baroda (BoB) has exposure of 7-8% of its loan book in the United Arab Emirates. BoB said the assets are good performing assets

Meanwhile, India and Canada have reached a landmark agreement on civil nuclear cooperation after months of hectic negotiations, paving the way for supply of Canadian atomic technology, equipment and uranium to India after a gap of 34 years. The negotiations on the deal were concluded at a meeting between Prime Minister Manmohan Singh and his Canadian counterpart Stephen Harper during the weekend.

Canada, the world's largest producer of uranium, is the eighth country to have reached a civil nuclear agreement with India since the Nuclear Suppliers Group lifted the 34-year-old ban on India to join the global nuclear trade in September last year.

Meanwhile, the government has reportedly decided to crackdown on corporates and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year.

The Central Board of Direct Taxes (CBDT), the apex direct tax body that administers corporate tax, personal income tax and wealth tax, has asked its field officials to crack down on companies that have not paid self-assessed tax for the year. In a letter sent last week, the CBDT has asked its field forces to investigate about Rs 90,000 crore of tax exemption claimed by various corporate taxpayers on account of various tax holidays in their returns.

The board's letter to the field comes in the backdrop of a dismal 3.92% growth in direct tax collections in first seven months from April to October 2009. Corporate tax collections grew by 4.59% in same period, meaning that the rate of growth has to be over 18% for the rest of the year for CBDT to achieve this target for the year 2009-10.

There are concerns that a glut in share sales may suck liquidity from the secondary market. A foreign brokerage firm expects Indian firms to raise roughly $70 billion through share sales over the next three years. The brokerage expects stake sales in state-run firms will account for $10-$15 billion of the total funds to be raised. The upcoming auction of third-generation mobile spectrum will also spur potentially billions of dollars in equity raising, although not necessarily from the public markets.

Indian companies have raised about $18 billion in equity thus far this year to repay high cost debt or to fund expansion plans. Last year, Indian firms raised $7.2 billion in equity.

The Reserve Bank of India (RBI) governor Duvvri Subbarao on Friday 27 November 2009 said an assessment of the impact of Dubai's debt problems was needed before deciding on a response. India's financial integration with the global economy is deeper than its trade integration, the central bank governor said.

Subbarao said that there was no benign policy option and that inflationary pressures were building up. The government on Thursday said it was concerned about rising prices, especially of food articles, and would take appropriate fiscal and monetary measures to contain them. "We are deeply concerned when prices go high," Finance Minister Pranab Mukherjee said on Thursday. "It will have to be done by us: control of monetary policy, control of credit policy, control of fiscal policy."

The six core industries grew 3.5% in October 2009 from a year earlier, slower than upwardly revised annual growth of 4.1% in September 2009, government data showed on Friday. During April-October, the first half of the 2009/10 fiscal year, output rose 4.7% from 3.3% in the same period in 2008/09. The infrastructure sector accounts for 26.7% of India's industrial output.

The BSE 30-share Sensex was up 294.21 points or 1.77% to 16,926.22. The Sensex opened 23.74 points higher at 16,655.75, also its day's low. It gained 394.90 points at the day's high of 17,026.91 in afternoon trade.

The S&P CNX Nifty was up 90.95 points or 1.84% to 5,032.70. Nifty December 2009 futures were at 5023, at a discount of 9.70 points as compared to the spot closing. Turnover in NSE's futures & options (F&O) was Rs 67,547.79 crore, sharply lower than Rs 96,075.18 crore on Friday, 27 November 2009.

The BSE Sensex had lost 566.94 points or 3.41% in the past two trading sessions on worries about Dubai's debt problems. Debt worries in Dubai sparked fears that the global financial markets have not healed properly since last year's crisis and that the Dubai problem could expose these weaknesses.

The Sensex gained 1,029.94 points or 6.47% in November 2009. A deluge of global liquidity has boosted stocks across the globe this year. Governments and central banks around the world have injected trillions of dollars in the past one year to pull the world out of a most severe recession since the 1930s Great Depression. The Sensex is up 7278.91 points or 75.45% in calendar year 2009, as on 30 November 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 8765.82 points or 107.41% as on 30 November 2009.

Coming back to today's trade, the BSE Mid-Cap index rose 1.63%, underperforming the Sensex. The BSE Small-cap index gained 2.08%, outperforming the Sensex.

All sectoral indices on BSE ended higher. The BSE Metal index (up 3.66%), the BSE Teck index (up 2.55%), the BSE IT index (up 2.10%), outperformed the Sensex.

The BSE FMCG index (up 0.73%), the BSE Healthcare index (up 0.87%), the BSE Auto index (up 1.04%), the BSE Power index (up 1.05%), the BSE Bankex (up 1.23%), the BSE Realty index (up 1.28%), the BSE PSU index (up 1.51%), the BSE Capital Goods index (up 1.55%), the BSE Oil & Gas index (up 1.60%), the BSE Consumer Durables index (up 1.72%), underperformed the Sensex.

The market breadth, indicating the overall health of the market was strong. On BSE, 2062 shares advanced as compared with 761 that declined. A total of 72 shares remained unchanged.

Today's rally came on the back of lower turnover. The total turnover on BSE amounted to Rs 4311 crore as compared with Rs 5,353.31 crore on Friday, 27 November 2009.

Among the 30-member Sensex pack, 26 gained while only 4 of them declined. NTPC (up 0.92%), HDFC (up 2.25%), and Tata Power (up 1.76%), edged higher from the Sensex pack.

Telecom pivotals extended Friday's gains on fresh buying. India's largest cellular services provider by sales Bharti Airtel surged 5.69% to Rs 299.80 and was the top gainer from the Sensex pack. The company's chairman Sunil Mittal in a television interview on Friday said the company has no plans to cut SMS charges as of now and also ruled out any global acquisitions at present.

India's second largest cellular services provider by sales Reliance Communication (RCom) rose 3.06%. On Friday, the company had slashed SMS charges, further heating up an ongoing price war in the telecom market.

RCom said it would charge customers just 1 paisa per SMS in a new bill plan. The company also launched another plan where customers can send unlimited text messages by paying Re 1 per day. Currently mobile operators charge Re 1 for local SMSes.

Metal stocks extended early gains on fresh buying. India's largest private sector aluminium maker by sales Hindalco Industries surged 3.81%. On Friday, the Reserve Bank of India allowed the company to enhance foreign institutional investors (FII) limit to 40%.

Sterlite Industries (up 3.23%), Tata Steel (up 5.54%), Hindustan Zinc (up 8.01%), Sesa Goa (up 1.57%), Steel Authority of India (up 2.96%), JSW Steel (up 5.21%), advanced

Jindal Saw gained 6.44% after the company fixed 11 December 2009 as the record date for a 5-for-1 stock split. The company announced the record date after market hours on Friday, 27 November 2009.

Kalyani Steels spurted 5% after one of the promoter group companies hiked its stake in the firm. The company made this announcement during trading hours today, 30 November 2009.

Gujarat Mineral Development Corporation (GMDC) spurted 10.38%. As per recent reports, Gujarat State Petroleum Corporation (GSPC) is raising around Rs 900 crore by placing 5% equity stake with a clutch of financial institutions and Gujarat government-owned public sector enterprises (PSEs) including IDFC, LIC, State Bank of India and PSEs like Gujarat Mineral Development Corporation (GMDC), Gujarat State Investment (GSIL), Gujarat Industrial Development Board (GIDB) and others.

India's largest oil exploration firm by sales Oil & Natural Gas Corporation (ONGC) rose 2.73% on reports it has found traces of a new oil reserve in Gujarat in western India that could raise its onshore oil production by 20%. The new hydrocarbon structure is likely to produce at least 1 million tonnes per annum (mmtpa) of oil. This could be the largest onshore oil find for ONGC in the last one decade.

India's largest private sector firm by market capitialisation Reliance Industries (RIL) advanced 1% to Rs 1059.40. But the stock retraced from the day's high of Rs 1078. RIL has reportedly offered between US$10 billion and US$12 billion for acquiring LyondellBasell Industries.

Oil exploration stocks gained following rise in crude oil aided by a weaker US dollar. Cairn India (up 2.98%), and Oil India (up 2.92%), rose after US crude for January 2010 delivery rose 50 cents to $76.55 a barrel today, 30 November 2009, retracing some of Friday's $1.91 losses. Rise in crude oil prices will boost realizations from crude sales for oil exploration firms

Banking shares slipped from day's high on profit booking. Bank stocks had surged earlier in the day following buoyant economic data.

India's largest private sector bank by net profit ICICI Bank gained 0.88% to Rs 858.70 after striking day's high of Rs 884. India's second largest private sector bank by net profit HDFC Bank rose 0.49% to Rs 1756.25, retracing from day's high of Rs 1786. India's largest bank by branch network State Bank of India fell 0.42% to Rs 2233, after striking a day's high of Rs 2290

IT stocks rose on fresh buying on reports IT firms are on a hiring spree following revival in demand. India's largest software services exporter Tata Consultancy Services (TCS) gained 2.29%. TCS reportedly plans of employing about 25,000 new people for the year 2010-11.

India's second largest software services exporter Infosys Technologies rose 2.22%. As per reports, the company Infosys last month raised its hiring target to 20,000 for the fiscal year that ends in March 2010, up from its earlier forecast of 18,000.

India's third largest software services exporter Wipro rose 0.74%. The partially convertible rupee was trading at 46.49/50 per dollar, higher than 46.64/65 on Friday. A firm rupee negatively impacts operating profit margin of IT firms as the sector derives a lion's share of revenue from exports.

Geometric rose 4.16% after one of the promoter group companies hiked its stake in the firm. The company made this announcement during trading hours today, 30 November 2009.

India's top truck maker by sales Tata Motors surged 5.16%. The company is reportedly planning to produce hybrid versions of its low cost car Nano to join in the environment-friendly trend.

The company reported a better-than-expected performance on a consolidated basis, thanks to a pick-up in sales volumes on a sequential basis for the Land Rover brand, coupled with reduced raw material costs. On consolidated basis, Tata Motors reported a net profit of Rs 21.78 crore in Q2 September 2009, compared to a loss of Rs 941.8 crore a year earlier.

Consolidated total income declined 8.20% to Rs 21506.94 crore in Q2 September 2009 over Q2 September 2008. The results were announced at the fag end of the trading session on Friday, 27 November 2009.

Other auto stocks saw mixed trend. India's largest small car maker by sales Maruti Suzuki India fell 0.58% whereas India's top tractor maker by sales Mahindra & Mahindra gained 1.64% on reports car makers plan to raise prices in two phase from next year following rise in input costs.

India's largest bike maker by sales Hero Honda Motors lost 1.71% to Rs 1715.90 and was the top loser from the Sensex pack

Cement shares rose following recent reports of hike in prices by Rs 8-10 per 5 kg bag in Maharashtra and Gujarat. Sanjay Ladiwala, the president of Cement Stockists and Dealers Association of Mumbai was quoted as saying that the price rise was due unavailability of railway wagons.

ACC (up 0.38%), Ambuja Cements (up 3.31%), UltraTech Cement (up 3.39%), Madras Cement (up 1.47%), and India Cement (up 1%), advanced

Select real estate shares extended Friday's recovery. Housing Development & Infrastructure (up 4.24%), Indiabulls Real Estate (up 1.84%), Orbit Corporation (up 1.22%), parsvnath Developers (up 0.53%), and Anant Raj Industries (up 0.97%), gained

However India's largest real estate firm by sales DLF fell 0.29%. The company said on Friday it had no exposure to Dubai. Unitech's slipped 0.50% despite saying it had no exposure to Dubai on Friday.

India's largest engineering & construction firm by sales Larsen & Toubro (L&T) gained 1.36%. L&T during market hours today announced the formation of a joint venture with the state-run Nuclear Power Corporation of India (NPCIL) for making nuke forgings, a crucial component in the construction of nuclear reactors. NPCIL would hold 26% in the venture and L&T the remainder.

Nitco fell 1.15% after the company reported net loss of Rs 8.27 crore in Q2 September 2009 as compared to net profit of Rs 9.74 crore in Q2 September 2008. The company announced the results during trading hours today.

Shriram EPC rose 3.29% after the company announced signing of a memorandum of understanding with China based NorthWest Electric Power Design Institute for executing thermal power projects. The company made the announcement during market hours today, 30 November 2009.

Construction stocks saw an across the board rally on fresh buying. India's biggest builder of dams Jaiprakash Associates surged 5.17% after its price target was raised to Rs 288 from Rs 211 earlier by a foreign brokerage firm.

Hindustan Construction Company (up 1.99%), Gammon India (up 0.56%), Unity Infraprojects (up 5.45%), IVRCL Infrastructures (up 3.88%) and IRB Infrastructures (up 4.33%), gained.

Valecha Engineering jumped 3.14% after the company's board approved raising funds upto $20 million. The company made this announcement after trading hours on Friday, 27 November 2009.

The construction sector grew 6.5% in the September quarter versus 9.6% in the year-ago quarter, government data showed today.

Tea stocks saw an across the board rally after Tea Board of India chairman Basudeb Banerjee was quoted as saying that tea production in India will be marginally lower this year than in the year before due to erratic weather.

Dhunseri Tea (up 9.34%), Goodricke Group (up 9.92%), Warren Tea (up 6.17%), McLeod Russel (up 7.12%), Assam Company (up 1.74%), and Tata Tea (up 1.60%), surged.

Jay Shree Tea and Industries rose 2.94% on reports the company is close to announcing its first overseas acquisition in Uganda.

Adani Enterprises rose 0.11% after the company fixed 11 December 2009 as the record date for a liberal 1:1 bonus issue. The company announced the record date after market hours on Friday, 27 November 2009.

Span Diagnostics jumped 10% after the company bagged an order worth Rs 22.96 crore. The company announced the new order win after market hours on Friday, on 27 November 2009.

Tata Steel was the top traded counter on the BSE with a turnover of Rs 230.14 crore followed by Suzlon Energy (Rs 176.14 crore), State Bank of India (Rs 170.35 crore), HDIL (Rs 163.56 crore), and Thinksoft Global Solutions (Rs 114.51 crore).

Cals Refineries led the volumes charts on BSE clocking volume of 3.81 crore shares followed by Suzlon Energy (2.27 crore shares), IFCI (1.62 crore), Unitech (1.14 crore shares) and Gujarat Mineral Development Corporation (58.21 lakh shares).

Suven Life Sciences was locked at 5% upper limit after the company secured three European patents on new chemical entities. The company made this announcement during trading hours today, 30 November 2009.

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