US new home construction fell 5.9% to an annual rate of 575,000 in February.

Federal Reserve officials repeated their pledge to keep the main interest rate near zero for an “extended period” and confirmed that emergency measures to prop up the housing market will end as planned this month. Stocks were also supported by news that ratings agency Standard & Poor's did not cut Greece's credit rating after warning last month that a downgrade was possible. US new home construction fell 5.9% to an annual rate of 575,000 in February, according to a government report, from an upwardly revised 622,000 during the previous month. Economists surveyed by Briefing.com expected housing starts to have fallen to an annual rate of 570,000 during the month. The report said building permits slipped 1.6% to an annual rate of 612,000 in February. They were expected to have fallen to an annual rate of 601,000 during the month. A separate reading showed import prices slipped 0.3% in February, posting the first decline since July 2009. Excluding fuel, import prices gained 0.2%. Import prices in January were revised to a 1.3% increase. Export prices slipped 0.5% last month, following a revised 0.7% rise in January. The Government is considering a proposal asking state-owned banks to exit non-core businesses, notably insurance, to ensure that periodic capital infusion goes for the growth of banking activities. The Godrej Group has set up a separate body to serve as counsel for growth and also handle the issues related to succession. RIL has lost the bid in the Canadian company, Value Creation. Renault-Nissan may tie-up with Ashok Leyland to enter the passenger car market. DE Shaw is looking out to buy 49% in Pegasus ARC.
Reliance Communications is open for acquisitions to increase its presence in the domestic market. Nifty March contracts ends the Day up by 72.75 points at a premium of 6.55 points adding OI by 0.9%. Nifty OI PCR at 1.564 compared to 1.513 at the close of last Day. Nifty puts sees addition of 21.73 Lakhs and calls sees paring of 3.13 Lakhs over the Day. Highest OI in Nifty calls seen at 5100 March strike and puts at 5000 March strike. Nifty VIX at 19.59% from 20.26 last Day. Long build up seen in SUNTV, IVRCLINFRA, MUNDRAPORT, JSWSTEEL, M&M, VIDEOIND, ASHOKLEY, ISPATIND, BHARATFORG, SAIL, ONMOBILE, HOTELEELA, TULIP, TATAPOWER, CAIRN, BPCL, ABAN, BHUSANSTL & VIJAYABANK during the Day. Short build up seen in during the Day in PFC, YESBANK, BHARTIARTL, NEYVELILIG & ACC etc. Long unwinding seen during the day in APOLLOTYRE, MCLEODRUSS, EDUCOMP, CHENNPETRO, POLARIS, LT, TRIVENI, RENUKA, TATAMOTORS, SUNPHARMA, INDIAINFO, JINDALSTEL, HINDALCO, TATASTEEL & ORIENTBANK etc.
FII side over the Day saws short build up in Nifty futures and marginal long build up in stock futures. Nifty options was written over the day.