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The major political news that hit the headlines is the hearing on black money issue and bail of former Gujarat Minister Amit Shah.

Black money issue is a politically sensitive matter in which apex court has asked government to file reply about various probing issues which are making government reluctant in announcing the names of the Indians who have deposited black money in banks abroad.

On the other hand CBI has to convince apex court to cancel the bail granted by the Gujarat High Court to Shah, who has been arrested on the fake encounter of Sohrabuddin Sheikh.

RBI has forecasted an inflation of 7% at the end of March 2011 and its policy rate at 6.5% in its monetary policy on Tuesday.

It also said that this is the tough time for economy with current account deficit expected to be 3.5% of the GDP. Current account deficit is the difference between exports earnings and import payments.

RBI has tried to control the inflation and make money dearer by increasing its repo rate and reverse repo rate.

Investors with a horizon of 6-12 months can consider following scrips for their investment. These companies have potential to give higher returns than index over a long term.

TATA Steel has achieved its target of 708

Corporate Highlights

Indian market faced continuous selling pressure and traded below the dotted line throughout the day. Realty, Banking, health care and FMCG faced major selling pressure. The Sensex closed at 18684, down 285 points from its previous close, and Nifty shut shop at 5604, down 83 points.

Euro:

Filmmaker Madhur Bhandarkar, who is renowned for making realistic films, is all set offer his first comedy tomorrow. With star cast like Ajay Devgn, Emraan Hashmi and Omi Vaidya of 3 Idiots fame, Bhadarakar promises a romantic laugh riot.

Madhur says his film will offer a slice of life by showing different dimensions of love through the three lead characters. It is neither a loud nor a slapstick comedy but everyone can relate to the storyline.