China’s economic growth accelerated to the fastest pace in almost three years.

China’s economic growth accelerated to the fastest pace in almost three years in the first quarter, adding pressure on Premier Wen Jiabao to sever the yuan’s peg to the dollar and raise interest rates. Gross domestic product rose 11.9 percent from a year earlier. Six banks have been hired by Agricultural Bank of China to arrange the Hong Kong portion of what may be this year’s largest initial public offering, according to seven people familiar with the matter. Singapore is looking forward to “good” growth this year, Prime Minister Lee Hsien Loong said after the island’s economy expanded in the first quarter at the fastest pace since at least 1975. U.S. homebuilder bonds have recovered to levels last seen before credit markets seized up as investors gain confidence that the economic recovery is strong enough to prevent borrowers from defaulting. Goldman Sachs Group Inc., JPMorgan Chase & Co. and their biggest rivals would be forced to wall off derivatives trading operations from their commercial banks under a measure to be introduced by Senate Agriculture Committee Chairman Blanche Lincoln, a congressional aide said. According to a report from the National Conference of State Legislatures released on Wednesday, states will have to find a way to close an $89 billion budget gap before their 2011 fiscal year begins in July. The rupee has been one of the best performing currencies among emerging market economies in the first quarter of 2010. The government has backed SEBI’s decision to bar 14 insurance companies from issuing new unit-linked schemes or products. Indian economy is seen growing at a faster pace in FY’11 than earlier expected, supported by a global recovery, domestic demand and a double-digit expansion in factory output. Solar power scheme has attracted proposals worth Rs.2.29 lac crore. Infosys has bagged a USD150 million order from Microsoft Limited.
Godrej Consumer is planning to bring products of Kinky and Keyline in India. Ranbaxy Limited is voluntarily recalling two consignments of one of its antibiotics from the US market. Strides Arcolab has received USFDA approval for anit-nausea drug. ABB has bagged Rs.63 crore order from Haryana Vidyut Prasaran Nigam. Nifty April contracts ends the Day down by 14.20 points at a premium of 6.65 points in April contracts and adding OI by 1.1%. Nifty VIX at 20.14% compared to 20.04% previous Day. Nifty OI PCR at 1.277 compared to 1.292 the previous day. Nifty active puts sees addition of 9.72 Lakhs and calls sees addition of 13.81 Lakhs over the Day. Highest OI in Nifty calls seen at 5400 April strike and puts at 5200 April strike. Long build up during the day seen in INFOSYSTCH, CNXIT, TATACHEM, ROLTA, PATELENG, TCS & CENTURYTEX etc over the day. Short build up was seen in PFC, STER, PUNJLLOYD, YESBANK, SAIL, IDFC, MRPL & SYNDIBANK etc over the day. Long unwinding and marginal short build up seen from FII side during the day. Short covering and marginal long build up seen in Stock futures from the FII side. Nifty options was seen to be bought from the FII side.