Music maestro A R Rahman has really made India proud by winning the high-status Golden Globe Award for Danny Boyle’s Mumbai based saga ‘Slumdog Millionaire’.

But 2007’s highly-acclaimed film ‘Taare Zameen Par’ (TZP) has failed to make it to the Oscar nomination list.

Aamir Khan’s directorial debut TZP, which was India’s official entry to Oscar, did not figure among the nine films (short listed in the foreign language film category) competing for the 81st Academy Awards.

Rate two-way, holds support from yesterday suggesting the bottom may be forming around the 1.3200 area. 50 bar MA failed to offer solid support and selling may have been late-follow-on and will be squeezed out.

Semi-official and sovereign bids seen at the 1.3200 area. Cross-liquidation continues. Sovereign offers seen into the highs last week traders say but those may be covering into the dip this week. Overnight semi-official bids reported by some desks. Aggressive liquidation by EURO-Sterling cross spreaders providing the main selling.

Rate firms after finding support at the 1.4490 area overnight; lower into support level before a "dead cat bounce". Minor signs of the bottom firmly in after holding the 1.4500 handle during the day.

Cross-spreaders continue to sell GBP across the board. 2008 lows likely target but sellers are drying up in my view as volumes have been light on this break.

Spillover from EURO likely but action still technical. Bears took a stand above the 1.5250 area last week; likely they will look to cover into significant lows—look for two-way action into this bottom.

Inflation rate continues to decline and presently stands at 5.24% for the week ended January 3. It stood at 5.91% last week and relieved marginally on account of the fall in prices of almost all primary, manufactured and food articles.

The annual inflation rate stood at 4.26% during the corresponding week of the previous year.

The median estimate of 11 economists was for a 5.28% increase in WPI during the 12 months to January 3, as against 5.91% in the last week.

In June 2008, inflation raced into double digits after the administration increased fuel prices.

NIIT Technologies has announced the results for the three month period ended December 31, 2008.

During its third quarter, the IT services firm has posted a fall of 52% in its consolidated net profit, which stood at Rs 168 million as against Rs 347 million during the corresponding period of the last year.

The company said the decline in net profit was mainly because of currency fluctuations, the dollar’s appreciation against the Indian currency and the weakening of the pound, which shaved Rs 32.8 crore off its net profit.