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Nifty has strong support below 5,000
The Nifty recovered after falling below the crucial support of 5,080 to closed at 5,147 on short-covering at lower levels. The Nifty December futures, which closed at a premium to the spot and added 1.19 million shares in open interest, were expected to have built short positions at higher levels. Bloomberg data show buy-side trades in December futures below 5,100 and profit-booking and short build-up at 5,120-5,160, indicating short-term support and resistance levels for the Nifty.

Orissa to access local mood before Lee visit to Posco site
The Orissa government today said it would assess the local situation in the trouble-hit site for Posco"s proposed Rs 50,000-crore steel plant before allowing South Korean President Lee Myung-bak to visit the place in January.

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IDBI in talks to buy private bank
IDBI Bank Chairman and Managing Director Yogesh Agarwal today said that the public sector player had completed due diligence on a private bank for possible acquisition.
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China has not constructed dam, PM tells Arunachal delegation

Prime Minister Manmohan Singh today said China had not constructed any dam on the Brahmaputra river that would have been a matter of concern for India, according to Arunachal Pradesh Chief Minister Dorje Khandu. - Ajai Shukla: Wen it"s time to talk...">Ajai Shukla: Wen it"s time to talk... - Rs 6,000 cr will be sought as temporary relief, says CM - Taking no chances - PM meets Prez; discusses internal security issues - Wen, Singh may meet next week in Thailand - Aditi Phadnis: Cash and carry CM">Aditi Phadnis: Cash and carry CM Khandu, who led a delegation of state leaders to Singh, said the prime minister had also told them that India would tackle diplomatically the boundary issue with China. The delegation met Singh to seek review of defence strategy for the eastern sector in view of Chinese incursions and expressed serious concern over reports of a dam being constructed by China on the Brahmaputra. “The prime minister said no dam is being constructed and only run-of-the-river construction has been made,” Khandu told reporters while citing a letter from the Chinese government. A media report last week had said that China was building a big dam on the Brahmaputra river, prompting India to express concern over the development as it would change the course of the river and could result in submergence of low-lying areas downstream. India has no problem with run-off-the-river constructions but building of a dam as it involves storage of water. When the delegation raised the issue of Chinese incursions into the state, the prime minister assured them that the Centre would “tackle” the boundary question with the neighbouring country bilaterally. “The prime minister told us not to worry. He said the Centre would tackle with the situation bilaterally,” said Congress MP from Arunachal West, Takam Sanjoy, who was part of the delegation. Khandu said the state was an “integral part of India” and the recent Assembly election there was a reply to Chinese claim over the state. Sanjoy said the delegation requested the prime minister to give a big push to infrastructure development to ensure better surveillance over Chinese activities. The delegation also urged Singh to create a paramilitary force comprising youths from the state only. “We demanded formation of Arunachal Scouts comprising only youths from the state as they are willing to join the forces to defend their territory,” Sanjoy said. China, which lays claim over Arunachal Pradesh, recently objected to the prime minister’s visit to the state, leading to a war of words between the two countries. Besides responding strongly to the Chinese objection, India retaliated by questioning China’s engagement in projects in Pakistan-occupied Kashmir (PoK) and asked it to stop such activities taking a “long-term view” of India-China relations. The delegation, in its memorandum, also requested Singh to take all measures to ensure success of the upcoming visit of Tibetan spiritual leader Dalai Lama to the state next month. China has objected to the proposed visit of the Dalai Lama.


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