As we have been predicting, a correction has set in
The market fell sharply today with financial stocks taking a beating, due to concerns over a possible rate hike by the Reserve Bank of India. The Sensex closed at 17,639, lower by 182 points (1%) and the Nifty closed the day at 5,273, lower by 49 points (1%).
In the morning, the market started off on a strong note, taking a cue from Asian bourses. However, it soon pared its gains and started falling. The plunge continued throughout the day.
Asian stocks rose on Thursday, as China’s economic growth accelerated and bellwether US technology and financial firms reported strong results, boosting the appetite for riskier assets. Key benchmark indices in South Korea, Hong Kong, Indonesia, Japan and Taiwan were up by 0.16% to 0.92%. Key indices in China and Singapore fell 0.04% and 0.01% respectively.
US stocks rallied for a fifth straight session to a new 18-month high on Wednesday, 14 April 2010, after some strong earnings reports from major industry players and encouraging consumer spending data. The S&P 500 crossed 1,200 points for the first time since September 2008. The Dow rose 103.69 points (0.94%) to 11,123. The Nasdaq rose 38 points (1.58%) to 2,504 and the S&P 500 rose 13 points (1.12%) to 1,210.
Closer home, a normal monsoon is expected this season. This announcement came from the Indian Metrological Department after a discussion with the World Meteorological Organisation and representatives from Pakistan, Sri Lanka, Bangladesh, Nepal and Maldives at the three-day ‘South Asia Climate Outlook Forum’ at Pune. The finance minister said that inflationary pressure would remain till June. The wholesale price index (WPI) rose an annual 9.9% in March, the fastest pace in 17 months, driven by higher food and fuel prices. The food articles’ index rose an annual 16.65% in March and the fuel price index rose 12.71%. In the 12 months to 3rd April, the food price index rose 17.22% and the fuel index was up 12.43%.
Foreign institutional investors were net buyers on Tuesday (Rs128 crore). Domestic institutional investors were more active then their foreign counterparts. They bought stocks worth Rs252 crore. The rupee weakened today after the slide in the equity market and the strengthening of the dollar against major currencies.
Hindustan Zinc (down 1.4%) is looking at acquiring Anglo American’s zinc operations. Anglo American operates in Namibia, Ireland and South Africa. Reports indicate that the Comptroller and Auditor General will hire specialised private consultants to audit capital spending by Reliance Industries (down 2.7%) and Cairn India (up 1.6%) on exploration and development of the Krishna-Godavari oil & gas block and Rajasthan’s Barmer fields.
Areva T&D (up 0.28%) has received three major turnkey project orders from Chhattisgarh State Power Transmission Company (CSPTCL) and West Bengal State Electricity Transmission Company (WBSETCL). Two of the orders are from CSPTCL, one for the manufacture and installation of a 132-kilowatt air-insulated substation (AIS) at its Patan plant and the other for a 220-kilowatt AIS at its Vishrampur plant. The West Bengal State utility contract is for the supply and installation of a 132-kilowatt AIS at the Nazipur plant in Pirojpur, as well as two bay extension projects for the 132-kilowatt AIS at Amtola, Kolkata. Teledata Technology Solutions (down 9.5%), has launched a next generation real-time data collection and delivery solution platform, enabling intelligent integration of distribution and customer operations. Northgate Technologies (down 4.4%) has approved a plan for raising funds through equity offerings up to Rs25 crore.
The spam filters on Gmail have become hyperactive lately—sending regular, legitimate mails into the spam folder
Recently, I found that many of my regular emails in my Gmail account are being delivered to the spam folder. I have been using Gmail since many years and never had any complaints on the way the system was being handled by the search engine giant. I do check my spam folder on a regular basis—just to check if some important message has reached the wrong destination.
But since the past two-three weeks, I have noticed that some of my regular emails, including those sent by friends and colleagues from work, are being marked as ‘spam’. This forces you to keep a tab on the spam folder as well, just to make sure that you receive all your legitimate mails.
According to messaging software developer and provider, Commtouch, during the first quarter of 2010, spam levels averaged 83% of all email traffic throughout the period, peaking at nearly 92% at the end of March. Assuming worldwide email traffic of around 220 billion emails per day, this would equate to an average of around 183 billion spam messages per day, Commtouch said in its quarterly ‘Internet Threats Trend’ report.
During the first three months of this year, medicinal spam, advertising Viagra and other types of medications, represented 81% of all spam messages, about the same average as the previous quarter, the report said.
Usually, free email service providers like Gmail, Hotmail and Yahoo have a mechanism in place that automatically filters mass mails or mails sent with malicious intention or spam messages.
However, according to the Commtouch report, spammers are using well-known Web names to give a deceptive legitimacy to their mails. Spammers are using fake Gmail accounts to clog up inboxes, making 'Gmail.com' the most abused domain name. Overall, 5%-10% of all spam appears to originate from Gmail accounts, Commtouch said.
The report said that Gmail’s message style, as well as those of PayPal and Facebook, is frequently used by spammers and phishers as standard templates to prompt action by targets of spam or phishing. This quarter, a phishing attack directed at Blogger and Google users was based on a template using techniques effectively downplaying the fraudulent content of the email.
What Commtouch has reported may be noticed by Gmail as well and it might have tightened the norms for spam mails. But there is no official word from Google yet. Just last month, Google came out with a feature to detect ‘suspicious’ activity in Gmail accounts.
In January 2009, there was a problem with Gmail's spam filters and a problem similar to the one mentioned above occurred. That time, Google had admitted that Gmail's spam engine uses those filters (among hundreds of other signals) to help protect users from malware, and it mistakenly sent some legitimate mail to spam folders. This problem was sorted out later. However, there still is no solution for this recent problem.
You cannot control Google’s spam filters. Ergo, do check your spam folder regularly.