Japan’s largest manufacturers became the least pessimistic

President Obama unveiled plans to open large swaths of U.S. coastal waters in the Atlantic Ocean and the Gulf of Mexico to oil and natural gas drilling -- a move likely to please the energy industry but upset the administration's environmentalist supporters. Japan’s largest manufacturers became the least pessimistic about the economy since 2008 as a global rebound drove demand for exports. The Tankan index of sentiment rose to minus 14 in March from minus 25 in December, the fourth straight gain, the Bank of Japan said in Tokyo. Asian stocks rose, lifting the MSCI Asia Pacific Index for the fourth time in five days, on higher commodity prices gained and takeover offers in Australia. China’s manufacturing expanded at a faster pace in March, reinforcing an economic rebound in the wake of a record expansion of credit that now risks bubbles in the country’s asset markets. The Purchasing Managers’ Index rose to a seasonally adjusted 55.1 from 52 in February, according to Li & Fung Group, a Hong Kong-based company that releases data for the Federation of Logistics and Purchasing. The bond market is showing California is no Greece. Debt issued by California, the world’s eighth-largest economy, is outperforming Greece’s bonds as funds including Cumberland Advisors say investors are betting the lowest-rated U.S. state’s credit risk has been exaggerated. The cost to protect against California not paying its obligations is the lowest relative to Greece in at least 15 months, according to data compiled by Bloomberg. The April-February fiscal deficit is at 92 per cent of the budgeted estimate of Rs 4.14 lakh cr for the current fiscal. The deficit in the first eleven months of the last financial year was Rs 3.07 lakh crore.
Expanding for the fourth straight month, exports surged by 34.8 per cent in February to $16.09 billion against $11.94 billion in the year-ago. FIIs invest Rs 1.09 lakh cr in stocks in FY10. Government has announced incentives worth Rs 625 cr for exporters of garments, engineering, electronics and agro products as the demand for these items in the western economies is yet to pick up. Grain, cooking oil and sugar prices have dropped by upto a third in March due to better than expected harvests across the world. Direct tax mop-up may fall short of its revised FY10 target by Rs. 30,000 cr.
As part of plans to meet its target under the 11th Five-Year Plan GAIL (India) will invest about Rs 6,000 crore in the next fiscal. L&T has bagged two orders worth Rs 1,017 crore for construction related works. GMR Infra is close to tying up funds for its Rs. 2190 cr Hyderabad-Vijaywada highway project. RBI has permitted Axis Bank to undertake primary dealer business departmentally in the government securities market from April 5. IRB Infrastructure has tied up a Rs 775 crore loan for its road projects. Aventis Pharma’s promoter firm Hoechst GmbH has completed acquiring an additional 10.27 per cent in it. USFDA has accepted Glenmark’s new drug application (NDA) for pain killer oxycodone hydrochloride capsules. Ahluwalia Contracts has received orders worth Rs 425 crore from various clients. Subhash Projects has bagged a power project worth Rs 209.56 cr. Godrej Properties has entered into agreements to transfer 49 per cent equity share in unit Godrej Sea View Properties to HDFC PMS for Rs 55 crore. Abbott has sued Lupin to prevent it from selling a copy of the cholesterol drug TriLipix. Sun TV promoter, Kalanithi Maran, is in talks with hedge fund WL Ross to buy its entire 30% stake in SpiceJet. Nifty April contracts ends the Day down by 12.30 points at a premium of 12.50 points in April contracts and adding OI in all Nifty contracts by 1.2%. Nifty VIX at 19.87 % compared to 19.80% previous day. Nifty OI PCR at 1.166 unchanged over the day. Nifty puts sees addition of 28.69 Lakhs and calls sees addition of 24.71 Lakhs over the Day. Highest OI in Nifty calls seen at 5300 April strike and puts at 5200 April strike. Long build up during the session seen in BGRENERGY, ASHOKLEY, SAIL, TV-18, SESAGOA, CAIRN, VOLTAS, CESC, CROMPGREAV & GTLINFRA. Short build up was seen in NOIDATOLL, LITL, TECHM, POLARIS, TCS, KFA INDIAINFO etc. Short build up was seen in Nifty futures from the FII side. Short build up seen in Stock futures from the FII side. Options writing was seen from the FII side.