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Petroleum minister S Jaipal Reddy on Thursday said that adulteration of diesel with kerosene can be prevented by using markers and GPS. He said that his ministry will re-introduce kerosene markers and ask state to fit satellite tracking systems on tankers used by civil supplies departments to transport the fuel.

He assured that central government will provide financial assistance and technology to state governments to avoid the diversion of subsidized Kerosene to adulterate diesel.

Concerns On Business Model
Sona Koyo Steering Systems (SONA) Q3FY11 results were above expectation with revenue growth outpacing our expectations. The company reported margins of 10.1% and were inline with estimates. Adjusting for an exceptional gain of Rs39mn on sale of investment, adjusted profit increased by 26.3% YoY to Rs87mn as against our estimate of Rs68mn.

Global Equities: S & P 500: S&P500 continues to make new 52 week highs. However, its upside momentum may be losing a bit of steam. A decisive move below 1270 may lead to weakness in the trend.

BOVESPA: The Bovespa market slipped last week. A break below 69600 has seen an acceleration of momentum on the downside. Support is expected to come around 67000 level.

Currencies: Dollar/Rupee: The USD/INR moved sideways with a positive bias during the last week. However, the uptrend may lose steam closer to 46.10 levels. The uptrend will be under threat below 45.30. Support can come at 45.30.

Euro/Dollar: After a good upmove for the last few weeks the EUR/USD may be tiring closer to around current levels. A move below 1.3640 can take it closer to 1.3550 level. Support on the downside will come at 1.3425 and 1.3350.

Dollar/Yen: The USD/JPY is in an uptrend and a move above 83.00 can take it closer to 84.00 level, Downsides will open up below 82.00.

Commodities: Aluminium: Aluminium prices weakened last week and made a low of $2360. A reversal to this downtrend will only occur above a sustained upmove beyond $2445. Strong support will come around $2300 level.

Zinc: Zinc is looking weak and may go down further. Price move below $2200 will take it closer to $2100 level. Strong resistance will come around $2400 level.

Copper: Copper is trading sideways with a negative bias. $9600 level remains a key resistance and support will come around the zone of $9150.

Equity indices: We have been mentioning here that the Nifty has opened the potential to reach 5200 after it crossed below 5825. The last few sessons have been very dramatic for the trend and it appears that the Nifty is well on its way to our expected target.