The yen rose from a 10-week low against the dollar

The yen rose from a 10-week low against the dollar on speculation Japanese exporters took advantage of its biggest slide this year to buy the currency before the nation’s fiscal year ends next week. Stocks closed lower Wednesday as the dollar strengthened on fears tied to the growing fiscal crisis in Europe and a dour report on U.S. sales of new homes raised concerns about the economic recovery. Americans are turning against Toyota Motor Corp. after sudden-acceleration complaints forced it to recall more than 8 million vehicles worldwide, while Ford Motor Co. is the most popular automaker. Credit-default swaps traders settling contracts linked to Aiful Corp. set an initial value of 31.375 percent of face value, after the consumer lender restructured its debt to avoid bankruptcy. Pressuring China to revalue its yuan, or renminbi, won’t succeed or solve the trade gap with the U.S., Vice Minister of Commerce Zhong Shan said. Germany will press today to end weeks of European haggling over an aid package for debt-laden Greece, seeking new rules to impose fiscal discipline on countries using the euro to buttress the faltering currency. The Reserve Bank of India has hinted that it may further increase interest rates going forward. Fuel prices are expected to rise in 13 cities across the country. The government’ s chief economic advisor, Kaushik Basu, said that economic growth was expected to rise to 8.5%. Finance Ministry may offer more compensation to state-owned oil marketing companies for selling fuel below cost this year. Kuwait-based Zain telecom has approved Bharti Airtel’s proposal to buy its African assets forUSD10.7 billio Piramal Healthcare has acquired contraceptive brand ‘i-pill’ from Cipla.
Natco Pharma Ltd. will re-launch its cancer drug in the domestic and global markets soon. Mahindra First Choice is planning to come up with an IPO in about three years.
Edible oil business is expected to contribute close to Rs.800crore to Emami’s topline in FY’10. Future Generali is targeting over Rs.1000 crore new premium next fiscal.
Enforcement Directorate has registered a case against Unitech over 2G licenses.
Shree Cement has announced its foray into power trading business through Shree Power Trading. Nifty March contracts ends the Day up by 13.40 points at a premium of 1.40 points in March contracts and 13.70 in April contracts adding OI by 9.3% Nifty OI PCR at 1.666 compared to 1.668 at the close of last Day. Nifty puts sees paring of 13.33 Lakhs and calls sees paring of 7.48 Lakhs over the Day. Highest OI in Nifty calls seen at 5300 March strike and puts at 5000 March strike. Nifty VIX at 18.13 from 19.96 last Day. Nifty rollover picked up during the session and was at 52.09% compared to 54.64% in last expiry. Market wide rolls seen at 55.51% compared to 62.67% during the last expiry at the same period. 3 month average market wide rolls stood at 62.57% and six month average rolls stood at 61.73%. Scrips with significant rise in OI compared to the previous expiry are AREVAT&D, FORTIS, MUNDRAPORT, APOLLOTYRE, GODREJIND, MCLEODRUSS, IVRCLINFRA, ONMOBILE, MPHASIS, RENUKA, BEL, CROMPGREAV, JSWSTEEL, TECHM, BGRENERGY, VIDEOIND, ONGC, COLPAL, BOSCHLTD, SUNTV, ROLTA, DABUR, TRIVENI, ACC & JINDALSAW. Significant long rolls was seen from the FII side during the day in Nifty futures.