Sales of new homes tumbled to the lowest level on record in January.

In his first day on Capitol Hill, Bernanke told the House Financial Services Committee that while the economic recovery is moving along, the job market remains weak. Against this backdrop, the Fed is unlikely to lift the fed funds rate, the key overnight bank lending rate, anytime soon. Sales of new homes tumbled to the lowest level on record in January, the government reported Wednesday, surprising economists who expected a rise in sales. Sales fell 11% to a 309,000 annual unit rate from 348,000 in the previous month. Economists expected sales to rise to a 354,000 annual unit rate. The Senate approved a $15 billion jobs creation bill that gives businesses tax breaks for hiring the unemployed and extends tax breaks that encourage companies to buy equipment. Standard & Poor’s may downgrade Greece’s credit rating again by the end of March as a weak economy and political opposition threaten the country’s ability to cut the European Union’s largest budget deficit.
The Railway Budget for 2010-11 proposed no increase in passenger fares and freight rates while reducing the tariff by Rs 100 per wagon in transportation of foodgrains, kerosene and fertilisers to tackle the price rise. The government plans to spend $10 billion on the national e-Governance program. Concerned over surging food prices, the Reserve Bank of India (RBI) has said that controlling inflation continues to be a "dominant" concern. Power utilities would import 48 million tonnes (MT) of coal from Australia, Indonesia and South Africa next financial year (2010-11) to ensure regular fuel supply to the generating plants. The government will hold the much-awaited auction for third generation (3G) mobile spectrum on April 9 and will start inviting applications from the prospective bidders from today. Indian companies have announced capacity expansion plans across industries to the tune of Rs. 50,000 cr in the last three months. Public sector lender Central Bank of India (CBI) today said it is assessing bids from asset reconstruction companies for selling its non-performing assets worth Rs 400 crore. Mahindra & Mahindra (M&M) two-wheelers is looking to achieve double-digit growth in the next five years and will explore acquisition opportunities to reach the target. Karnataka Power Corporation Ltd (KPCL) and Larsen & Toubro have signed a joint venture (JV) agreement for the 1,600 MW (2X800 MW) coal-based thermal power project at Godhna in Chhattisgarh. Larsen & Toubro's (L&T) current order book is worth Rs 90,000 crore.
New Delhi Television (NDTV) has transferred NDTV Networks' 85.68 per cent shareholding in NDTV Imagine to Turner Asia Pacific Ventures. A share sale in state-run miner NMDC Ltd, to raise about $3 billion, will open on March 10, and follow the standard book-building system for Indian offerings. Rahul Bajaj sold 3.535 million shares of Bajaj Electricals to Shekhar Bajaj and the latter’s son, Anant Bajaj. In turn, Shekhar Bajaj and his family sold 7.717 million shares of Bajaj Auto to Bajaj Holdings and Investment, controlled by the Rahul Bajaj family.
SBI may raise upto Rs. 20000 cr in the next fiscal through a rights issue. ATC has agreed to acquire 4450 towers of Essar Tele Infra. Bharti Airtel eyes a $ 7 billion foreign loan to buy Zain’s African cellular assets. Thermax settles row with Purolite and will pay Rs. 178 cr as part of the out-of-court settlement. Nifty near contracts ends the Day down by 8.55 points at a marginal premium of 3.40 points adding OI by 2.4%. Nifty OI PCR at 1.104 compared to 1.075 at the close of last Day. Nifty puts sees addition of 9.70 Lakhs and calls sees paring of 8.67 Lakhs over the day. Highest OI in Nifty calls seen at 5000 Feb strike and puts at 4800 Feb strike. Nifty VIX at 30.40 from 30.99 last day. Nifty sees 54.64% rollover compared to 59.75%% in January. Nifty rollover is lower by 113682 ( - 24.10%) no of contracts compared to January expiry. Market wide rollover at 62.67% compared to 58.40% in Jan expiry and 3 month average of 63.14% and six month average of 61.57%. Stock futures witnesses 8.5% higher rolls compared to previous expiry. Significant rise in rollover seen in RECLTD, PIRHEALTH, DRREDDY, PATNI, AXISBANK, CHAMBLFERT, BALRAMCHIN, LUPIN, ZEEL & HCC. FII side over the Day saws short build up in Nifty futures and Nifty options was written. Long build up was seen in stock futures during the Day.