Rate falls back to start on follow-on selling; cross spreaders still pressuring EURO/GBP spread. Spillover from EURO likely but action still technical. Stops noted under 1.5100 and 1.5050 area; more likely under the 1.4980 area.

Rate recovers from lows in early New York to trade back above the 1.5000 area. Stops above the market likely now in the 1.5180 area or above as late traders place risk close-in. Bears took a stand above the 1.5250 area last week; likely they will be back again so look for two-way action near-term.

The World Bank had banned Indian IT giant, Wipro Technologies on account of extending undesired benefits to its employees in 2007. The company would not able to do business with bank for four years till 2011.

Earlier, beleaguered IT service provider Satyam Computers was also banned to do business with WB following serious bribery charges. Hyderabad-based Megasoft Consultants has also been banned for four years on similar grounds.

The petroleum ministry has signaled that besides freeing fuel pricing from administrative control, the government on Thursday may cut petrol, diesel and domestic LPG prices.

According to an official working in the petroleum ministry, the Cabinet, which is planed to meet on Thursday, may reduce petrol price by Rs 5 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 25 per cylinder, thus, giving relief to the common man and further easing inflationary pressures.

During late afternoon trade today (03:10 p.m.), the 30-share index Sensex fell deep into the negative terrain in account of heavy selling action witnessed in stocks including RCom (down 6.95%), Tata Motors (down 5.45%), HDFC (down 4.7%), Jaiprakash Associates (down 4.15%), ICICI Bank (down 4.1%), ONGC (down 3.65%), Bharti Airtel (down 3.3%), RIL (down 2.2%) and a few other frontliners,

The Sensex lost 51 points at 9059.05, while Nifty stood at 2742.20, down 30.90 points.

Leading auto-major, Mahindra & Mahindra (M&M) have added another feather to its cap.

The much-awaited Mahindra XYLO was launched on Tuesday by M&M Ltd at its Nashik plant.

Umm…………it seems that southern beauty star Asin is truly on song.

After working with the perfectionist Aamir khan in ‘Ghajini’ (the biggest movie of the year 2008), Asin is all set to drive her fans crazy with none other than Salman Khan in her next film ‘London Dreams’.

However, the big news doing the rounds in the B-Town is Asin’s chemistry with Salman Khan.

According to the grapevine, Asin and Sallu have got along well with each other and it has created problem for Katrina Kaif.