Spectrum issue Supreme!

"A person’s main job is to become supremely aware of and intimately involved in the great issues of his time." - Anonymous.

The great issues of our time are usually the scams, and the 2G scam has unfortunately reared its ugly head yet again. The Government’s already scarred image has taken another knock in the form of an adverse Supreme Court verdict which could make matters difficult for the Congress in the crucial UP elections.

Markets could be edgy today as investors await a lower court’s order on the alleged role of P. Chidambaram in the 2G mess. The court is set to deliver its verdict on Saturday. The start is likely to be cautious and lackluster. It would be prudent to stay on the sidelines and take fresh guard next week.



The SC ruling has also thrown up a few tricky questions that could continue to haunt the telecom sector for a while. Let’s hope that the damage to investor confidence is limited.

On the global front, things have turned quiet ahead of Friday’s US monthly jobs data. While French and Spanish debt auctions went off well a deal on Greece’s debt recast remains elusive.

Just like the RBI governor, his US counterpart, Ben S. Bernanke, has raised a red flag over its government's ballooning budget deficit.

The FIIs were net buyers of Rs 19.41bn in the cash segment on Thursday while the domestic institutional investors (DIIs) were net sellers at Rs 322.9mn, as per the provisional figures released by the NSE.

The FIIs were net buyers of Rs 18.22bn in the F&O segment on Thursday, according to the provisional NSE data.

The foreign funds were net buyers of Rs 20.92bn in the cash segment on Wednesday, as per final SEBI data. Mutual Funds were net buyers at Rs 1.84bn on the same day.

Major Results Today: Concor, Dr. Reddy's, Everest Kanto, Godrej Industries, HEG, Hindustan Copper, Madras Cements, Pidilite Industries, PFC, Pratibha Industries, Rolta, SREI Infra, Take Solutions, TTML and Zuari Industries.

Global Data Watch: China's services PMI, Germany's services PMI, Eurozone services PMI, Eurozone retail sales, Canada unemployment rate, US non-farm payrolls, US unemployment rate, US factory orders and US non-manufacturing PMI.