The Music Genome Project

The purpose of this project is to make predictions about what kind of music you're going to like next.

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Daily Market View:Volatility rules

Expect profit-booking at higher levels

The market witnessed a volatile trading session today. The bourses started the day with a rise, ahead of the key government economic data and touched their intra-day high on the solid gross domestic product (GDP) numbers announced by the government. The market pared off gains in the early afternoon session; however, the late trading session saw a smart rebound. The BSE Sensex was at 16.944 at close, higher by 81 points (0.5%) while the Nifty ended at 5,086, higher by 20 points (0.4%).

Most Asian stocks were up, as gains among health-care companies overshadowed declines by commodity-related shares. Benchmark indices in Indonesia, South Korea, Singapore, Japan and Taiwan were by up 0.06% to 2.5%. However, indices in China and Hong Kong were down between 2.4% and 0.01% respectively.

The US market was down on Friday as a downgrade by Fitch of Spain's credit rating renewed concerns about Eurozone debt issues. The Dow Jones industrial average was down 122 points (1.2%), to 10,136. The Standard & Poor's 500 Index was down 13.65 points (1.2%), to 1,089 and the Nasdaq Composite was down 20 points (0.9%), at 2,257.

Back home, as per government data released today, India's economy grew at 8.6% in the March quarter driven by robust manufacturing sector as the government and consumer spending increased. The growth was higher than the revised 6.5% expansion in Q3 December 2009 and 5.8% growth in Q4 March 2009. The manufacturing sector grew 16.3%, farm output grew 0.7%, and mining sector grew 14% and services increased by 8.4% in January-March 2010 from a year earlier.

The economy grew at 7.4% for the year ended at 31 March, 2010. The government expects that the growth will be on the track and the economy will grow more than 8.5% in the fiscal 2010-11. The monsoon has stared in Kerala, in line with the weather office's forecast that it would hit the mainland on May 30.

After last year's driest season in nearly four decades, the June-September rains this year are expected to be 98% of the long-term average.

Foreign institutional investors (FIIs) were net buyers on Friday purchasing stocks worth Rs 409 crore. Domestic institutional investors (DIIs) also bought stocks worth Rs 342 crore. 

The board of Nagarjuna Fertilizer & Chemicals (up 1.5%) has approved further investment in its subsidiary Nagarjuna Oil Corporation. It also approved undertaking the business of sourcing of personnel in India and abroad and act as a placement agent/employment agent or recruitment agents, and setting up a bio mining project through investment in Bhavani Bio Organics Private Limited. The board of Indoco Remedies (up 1.9%) has recommended payment of dividend of Rs7 per equity share i.e. 70% for financial year 2009-10. Tata Steel was up 0.9%. Tata Sons, the main investment firm of the Tata Group, is likely to inject around Rs1,350 crore in Tata Steel through a preferential share-cum-warrant issue to part-finance the steel maker's future growth plans. The Tata Steel board on Thursday (27th May) decided to make the preferential allotment of 1.5 crore equity shares along with a 1.2 crore warrant issue to Tata Sons. The warrants can be converted into equity shares at a later stage at a pre-determined price. 

The board of Blue Star (down 0.06%) has approved the strategic acquisition of the plumbing contracting business of D S Gupta Constructions Private Limited.

With this buyout, Blue Star will be able to deliver integrated mechanical, electrical and plumbing contracting projects for the commercial building and infrastructure segments. Beckons Industries (down 0.8%) has started further development of Algae Photobioreactor Technology at Goa, which is very conducive for the growth of algae due to minimum variation of temperature near the ocean.
 

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Why celebrity endorsements work

Brain-scan research suggests celebrity faces evoke specific happy memories, and those positive feelings rub off on the products they endorse.

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