The Sensex continued to trade weak due to sustained selling action witnessed in index pivotals.
 
In addition to weak worldwide markets, weak earnings from India Inc and lower economic data have also contributed to today’s downfall.

Realty stocks were severely hit followed by metal and banking stocks.

Merchandise exports from India shrunk 1% in December, 2008 and stood at $12.7 billion, as against $ 12.82 billion during the corresponding period of the last year.

According to Bloomberg news service, the World Economic Forum in Davos, Switzerland, had Abode CEO Shantanu Narayen talking to reporters about Abode working with Apple, for developing a Flash version to run on the iPhone. Narayen also added that it is no mean task – and, the company has been striving for months!

Narayen told Bloomberg that the project was “a hard technical challenge,” and the responsibility on Abode is “to deliver.”

The gold prices increased 4.6 per cent to Rs 14,146 per 10 gram due to large interest of investors in the yellow metal in the midst of economic uncertainty and strong position of dollar against other major currencies. The prices touched a three-month high of $930 an ounce in the international market, confirming it as the safest investment mode under current economic environment.

An analyst with Anand Rathi Commodities, Subodh Gupta said, "The economic uncertainty in Europe, and the strong dollar is making gold attractive as a safe-haven investment rather than a hedge against inflation."

Country's largest oil marketing company, Indian Oil Corporation (IOC) announced financial results for the third quarter ended December 31, 2008. The firm managed to register 42 per cent increase in net profit at Rs 2,958.59 crore, on accounts of support through government bonds.

Sarthak Behuria, Chairman of IOC said, "In spite of inventory losses and lower refining margins, the profit could be achieved due to support from the government by way of additional bonds."

In a bid to propel housing activities in the country, the Union Government has urged all States speed up the handing over of the 'pattas' to low income groups. It would help to arrange funds for the construction of new homes leading to increase in demand for cement and steel sector, the most impacted sectors due to global financial crisis.

The idea was suggested by Mr. T. K. A. Nair, Principal Secretary to the Prime Minister in a meeting of Chief Secretaries of States on 'Implementation of economic stimulus measures', in the capital.

India's second-biggest reality developer, Unitech Ltd has announced its financial results for the third quarter of current financial year, posting 74 per cent decline in net profit.

The reality giant suffered huge losses due to decline in demand following break out of global financial crisis and tight financial conditions of monetary market.