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Aban Offshore slumps 8% on sharp drop in net
Aban Offshore slumped over 8% to Rs 1,130 on the back of 65% decline in net profit.

ICICI Bank Q3 net dips 26% to Rs 1,101 cr
Private sector lender ICICI Bank today reported a 26.36 per cent drop in consolidated net profit at Rs 1,148.66 crore for the third quarter (Q3) ended December 31, 2009.

News of the day

SRK's black belt
You’ve heard of honorary doctorates, but honorary black belts? Bollywood czar Shahrukh Khan who has been appointed the Honorary Ambassador of Korea (Culture & Tourism) has been conferred the title ‘Honorary Black Belt (5 Dan) of Taekwondo’. The ceremony, a press release from the Korean National Tourism Organisation says, was held at the Taj Lands End Hotel in Mumbai. And in case you think SRK has just got the black belt for nothing, Korea’s honorary ambassador said, according to the press release, that he had ‘developed a keener interest in sports such as Taekwondo now because of his children — son Aryan, who has won 10 gold medals in sports and daughter Suhana who’s won 3 gold medals in sports activities at the school level’. SRK also said that given the rising interest in sports in India, this was the right time to associate with Korea which is known for its strong base in sports. Bollywood’s macho man Akshay Kumar is probably trembling in the face of SRK’s new black belt.
Business Opportunities

Nifty support likely at 4,825

Despite a positive start to the holiday-shortened week, the Sensex ended with marginal losses owing to selective profit taking. Markets witnessed stock-specific activity because of derivatives expiry-related cues. The Sensex neared the 17,000-mark during the course of the week as the index touched a high of 16,943 on Tuesday. However, after slipping to a low of 16,495, the index finally ended the week with a marginal loss of 48 points at 16,693. - Weekly review: Market correct marginally amid capital inflows - Markets end with marginal losses - Markets end lower amid volatility - Sensex ends down 108pts - F&O OUTLOOK: Nifty may breach 4,941 support - Nifty may breach 4,941 support Among the index stocks - Maruti and SBI jumped over 11.5 per cent each to Rs 1,641 and Rs 2,139, respectively. HDFC, Sun Pharma, HDFC Bank, Tata Motors, DLF and Grasim surged 7-9 per cent each. Bharti Airtel and ONGC, however, were down nearly 2 per cent. The market will continue to remain up as long as the Sensex holds the 16,400 level. A breach of this level could see the index drop towards 14,800. Next week, trading activity may remain low owing to holidays at the start and end of week - Dussehra and Gandhi Jayanti, respectively. Expect the index to move more or less in the range of 16,970-16,400 unless there is any major external influence. The Nifty regained the 5,000-mark on Tuesday after a gap of 16 months. The index after touching a high of 5,036, slipped to a low of 4,904. It finally settled with a loss of 17 points at 4,959. The Nifty is currently in the rising channel and may find considerable support around 4,825, which is also its short-term (20-day) daily moving average (DMA). The medium-term (50-day) DMA is at 4,655. Next week, the index may find support around 4,910-4,890-4,875 and resistance around 5,010-5,025-5,040.


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