Rate drops hard on liquidation, stops, and new selling as aggressive sellers try to cap above key 1.3030 area; drop sees large names on the bid suggesting the dip is a buy op. Aggressive traders can ADD to open longs under the 1.2850 area.

Follows GBP in two-way action and rally in GBP took EURO with it for highs in New York at 1.2930 area. Cross-spreaders likely pressure as crosses are unwound. Two-way action overnight in light volume as stops get triggered under 1.2850 area and below but sellers run out on support at the 1.2800 handle again.

Summary Continued volatility plagued the majors the past 24 hours as the USD continued to consolidate gains earned overnight although signs of topping continue. Overnight news as well as US data this morning failed to extend US gains past early highs seen in New York after the release of ADP private payrolls estimates. Showing another large drop projecting a dip in NFP on Friday, ADP came in at -553K.

Markets continued to trade in the negative zone on account of heavy selling action seen across bluechip stocks.
 
The benchmark indices had opened positive but in not time fell into the red zone because of mixed signals from the Asian markets.

Some buying was seen in the metal sector but other indices were under selling pressure. Auto stocks seemed to be losing the most along with consumer durables and realty stocks.

BSE Midcap and Smallcap index fell 0.51% and 0.57% respectively.

For the week ended Jan 24, 2009, India’s benchmark wholesale price index (WPI), inflation declined to 5.07%, as against 5.64% a week ago mainly because of declining costs of fruit and vegetables and manufactured goods.

From being a wonderful performer to portraying the best acting skills, Bollywood superstar Abhishek Bachchan has won many hearts.

Today, he turned 33 (February 5, 2009).

Abhishek Bachchan was born in Mumbai on February 05, 1976. The son of India’s legendary actors Amitabh Bachchan and Jaya Bachchan is married to former Miss World turned actress, Aishwarya Rai. His elder sister is Shweta Bachchan-Nanda. His grandfather, Harivansh Rai Bachchan, was a well-known poet of Hindi literature.

At Awards for Retail Excellence during the Asia Retail Congress 2009, Mr. Pawan Jain, ‘Logistics Guru’ and CMD, Safexpress, Leader in the Supply Chain Management and Logistics Industry, was honored and felicitated with the ‘Retail Leadership Award’.