China plans to nullify all guarantees.

French President Nicolas Sarkozy said the euro region is ready to rescue Greece should the government struggle to fund its budget deficit, arguing that the country is “under attack” from so-called speculators. China plans to nullify all guarantees local governments have provided for loans taken by their financing vehicles as concerns about credit risks on such debt increases. The cost to protect against defaults on corporate bonds is at the lowest in six weeks and U.S. investment-grade issuance is up fivefold as optimism builds that Greece’s budget crisis will be contained. LIC of India may seek banking licence to float a bank when the Reserve Bank of India allows more players. Department of Pharma wants review of FDI rules.
Mr. Kishore Biyani, founder and promoter of Future Group, has re-aligned the roles of his top executives to sharpen the focus of his value retailing business. NMDC along with two other companies has submitted a USD250 million non-binding bid to buy 70 per cent stake in an Australian mine. RBI has ordered special audit of Bank of Rajasthan books. Fidelity will sell 2% in MCX to Intel arm . Future Axiom is planning to sell their mobile handset retail joint venture Future Axiom to the Essar Group’s The MobileStore in exchange for a minority stake in the combined entity.
Adani Power is in race for 1000MW Kosovo project. SBI may take a hit of Rs.700 crore on its bond portfolio on account of the rise in bond yields. Nifty March contracts ends the Week up by 157 points at a discount of of 1.15 points adding OI by 1.7%.
Nifty OI PCR at 1.316 compared to 1.191 at the close of last Week. Nifty puts sees addition of 1.36 Cr and calls sees addition of 64.83 Lakhs over the Week. Highest OI in Nifty calls seen at 5100 March strike and puts at 5000 March strike. Nifty VIX at 20.74 from 24.20 last Week. Long build up seen in APOLLOTYRE, FORTIS, MCLEODRUSS, JISLJALEQS, BHUSANSTL, AREVAT&D, JSWSTEEL, SUNTV, JINDALSAW, CANBK, ORIENTBANK, PETRONET, ASHOKLEY, SCI, SESAGOA, MLL, TATAMOTORS, SUZLON, UNIONBANK & GESHIP in the first Week of the new series. Short build up seen in BPCL, IOC, ONGC, HCLTECH & AXISBANK in the first Week of the new series. FII side over the Week saws short covering in Nifty futures and long build up in stock futures and Nifty options was bought over the day.