Japan’s economic growth accelerated.

Japan’s economic growth accelerated last quarter as a global trade revival fueled demand for the nation’s exports. Gross domestic product rose at an annual 4.6 percent pace in the three months ended Dec. 31. The dollar rose for a fourth day against the Euro as debt problems in Greece and Dubai spurred speculation that the global economic recovery will falter. High-yield, high-risk corporate bonds in Europe are beating their U.S. counterparts in a sign investors expect Greece’s deficit crisis will be contained. Bharti Airtel Ltd. is offering $10.7 billion for most of the African assets of Kuwait’s Zain, said two people familiar with the matter, underscoring the push to buy emerging markets phone assets. India’s largest wireless operator, based in New Delhi, may begin due diligence on the deal soon and has exclusivity until the end of March. The government may announce a major capital infusion into public sector banks in the forthcoming Budget, enabling them to lend more. Sebi has told the government that it favours giving companies five years to increase their public shareholding to 25 per cent. Cement companies are lining up expansion to meet the 9% growth target. Overall capacity to reach 300 million tonnes by 2012. Facing opposition from key allies in the UPA Government, Oil Minister Murli Deora has said that no decision has been taken on the issue of fuel price hike till now. Switching over to robust recruitment mode after a dormant 2009, Indian IT players will hire nearly one lakh people in the coming months amid improving global economic conditions. Reserve Bank of India (RBI) Governor D Subbarao has said that the central bank would rework the roadmap for making the rupee fully convertible on capital accounts depending on global economic developments. Index of industrial production (IIP) surged by 16.8% in December 2009, against the contraction of 0.2% in the same month a year ago, driven by a robust performance by the manufacturing sector, particularly consumer durables. Shriram Transport Finance Company (STFC), is aggressively looking at acquisitions and plans to acquire assets of more than Rs 3,000 crore over the next 12-18 months. Posco is hopeful of getting about 4,000 acres of land soon for setting up its proposed Rs 54,000-crore steel project in Orissa. Tube Investments of India has acquired a controlling stake in Sedis Group, France, in order to strengthen the industrial chains business. Reliance Communications will buy two million CDMA handsets for Rs 340 crore from Chinese telecom vendor Huawei Technologies. Punjab National Bank (PNB) plans to enter South Africa and Indonesia to expand its international business operations and raise its share in the total business to 7 per cent in next three years. JSW Steel is evaluating proposals to acquire coal mines overseas to meet its long-term captive requirement and hedge against surging prices of the dry fuel. Emami has scaled up its holding in Rama Newsprint to nearly 5%. Nifty near contracts ends the up by 79.50 points at a premium of 79.50 with paring of OI . Nifty OI PCR in at 1.049 compared to 1.031 at the close of last week. Nifty puts sees addition of 41.36 Lakhs and calls sees addition of 31.63 over the day. Highest OI in Nifty calls seen at 5000 Feb strike and puts at 4700 Feb strike. Nifty VIX at 29.22 from 26.13 last day. Long build up seen in HCC, BAJAJ-AUTO, DABUR, CHAMBLFERT, SESAGOA, NEYVELILIG, POLARIS, SUNPHARMA, HEROHONDA, CNXIT, TULIP, UCOBANK, STER, BRFL, ULTRACEMCO & FINANTECH. FII side sees significant unwinding of Short positions in Nifty futures and long unwinding seen in Nifty futures during the week.