Vatican City / Rome: Pope keeps motto of mercy from Buenos Aires

Vatican City, Mar 18: Pope Francis decided on Monday March 18 morning that he would keep both the motto and coat of arms that he used during his time as Archbishop of Buenos Aires.

The motto has a particular meaning in life and spiritual journey of the Pope, says office of Vatican press in a statement dated March 18.

In fact, on the feast of St Matthew in 1953, the young Jorge Mario Bergoglio experienced at the age of 17-years-old, in a very special way, the loving presence of God in his life.

Following a confession, his heart was touched and felt the descent of the mercy of God, that with eyes of tender love, he was being called to the religious life, after the example of St Ignatius of Loyola, the communiqué explained.

The motto, miserando atque eligendo, was inspired by St Bede the Venerables commentary on Matthews Gospel.

The particular passage that spoke to Pope Francis was Jesus seeing Matthew the tax collector, looked at him with love and said Follow me.

The Latin motto stands for having had mercy, he called him.

Mercy has been a particular theme of Pope Francis in his homilies and reflections. Most recently he spoke about mercy in his March 17 Sunday Angelus address, reminding the packed piazza that the Lord never gets tired of forgiving, it is we that get tired of asking forgiveness.

The Popes coat of arms is also the same as the one he adopted in Buenos Aires, with the exception of the papal keys and the papal mitre crowning the image.

The shield has a blue background, and three symbols representing Jesus, Mary and Joseph.

At the top is a sun with the letters IHS in the middle, representing the Society of Jesus as well as Christ. The lower left-hand corner features a star for Mary, and the lower-right hand corner displays the nard flower, which is a symbol for St Joseph.

By placing these images in his shield, the Pope wanted to express his particular devotion to the Blessed Virgin and St. Joseph,’ the Vaticans statement said.

Kodagus Muttamma chosen for Indian Junior Womens hockey team

Mysore : Muttamma and Tina from Karnataka  have been selected for the Indian Junior womens hockey team  for  the World Cup championship to be held in Germany.

Of the two, Muttamma is from Kodagu and  hails from Hadageri in Somwarapete taluk. Daughter of Ganapathi and Sangeetha couple, she is pursuing  B.Com at a college in the  city and is undergoing training in a sports school of the city.

Her immense talent in sports right a young age, has  helped her get admission in the residential sports school at Koodige. She developed an interest in hockey  when she was in tenth standard and represented the junior hockey team of her institution. She was later selected for the Karnataka sub-junior team and also performed well in the national inter school sports meet held at Patiala in Punjab. She further played a key role in the victory of the  state team in the Senior South Zone womens hockey  tournament at Tirupathi in Andhra Pradesh.

Muttamma now aspires to find a place in the Indian womens hockey team one day.
Presently, she is  facing the inevitability of traveling all the way to  the Mysore University  hockey ground by an auto  for practice as the Chamundi Vihar Stadium is under repair. The sports lovers of the region are hoping that the government would take early steps to complete the repair works.

Govt, parties in talks on resolution on Sri Lankan Tamils

The government on Wednesday said it was talking to political parties on a resolution concerning the Sri Lankan Tamils issue in Parliament, but the move was not linked to the withdrawal of support by the DMK to the UPA. Addressing the media in Delhi, Finance Minister P. Chidambaram said the proposed resolution was not linked to the DMK’s decision to withdraw support. 

 

He said the government was mulling over the resolution, seeing the sentiments of the Tamils.

Answering a query, he said the government was stable: “No one has questioned our stability,” Chidambaram said. Information and Broadcasting Minister Manish Tewari said it was part of government’s duty to highlight the feelings of the people of a State.

37 killed as bus plunges into river at Ratnagiri

Mumbai : At least 37 people were killed and seven injured when a speeding Mumbai-bound private bus plunged into the Jagbudi River in Ratnagiri district in the wee hours of March 19, Tuesday. The luxury bus was on its way  from Goa to Mumbai.

The mishap took place at  around 3.30 am near Khed. It is learnt, the driver lost control over the vehicle when it was negotiating a steep turn. The bus eventually  fell off the Jagbudi bridge from a height of about 40 ft. Bodies of 37 passengers have been extricated so far and have been kept at the Khed municipal hospital. The injured passengers too have been admitted in the same hospital. Rescue operations are  on. Traffic on the Mumbai-Goa Highway was disrupted for nearly four hours following the mishap.

Copper Seen Dropping as Stockpiles Increase, Aluminum May Climb

Copper is poised to decline 2 percent this year as supply outpaces demand and boosts stockpiles, while aluminum may advance as demand gains, said Australia’s Bureau of Resources and Energy Economics.
Copper may average $7,788 a metric ton in 2013 from $7,948 a year earlier, the Canberra-based bureau said in a report today. The bureau in December forecast $7,675 for this year. World inventories may surge 16 percent to 1.3 million tons in 2013, or three weeks of consumption, it said. That compares with a December forecast of 1.1 million tons.
Prices fell to a seven-month low yesterday on concerns that Europe’s debt turmoil will damp the economy and property curbs will erode demand in China, the biggest user. The country’s industrial output had the weakest start to a year since 2009 and copper imports slid to the lowest in 20 months in February, when there was a weeklong New Year holiday. Stockpiles are rising at an “alarming” rate, Barclays Plc said March 18.
“Copper consumption is forecast to grow, primarily in emerging economies, but by a lower amount than the increase in production,” today’s report said. “The increase in supply will come from a number of large recently commissioned mines in Indonesia, Peru and Mongolia ramping up to full production.”
Copper for delivery in three months slipped as much 1.2 percent to $7,486.25 a ton on the London Metal Exchange yesterday, the lowest level since Aug. 21. The metal traded at $7,577 at 10:02 a.m. Singapore time today.
Aluminum may average $2,075 a ton in 2013 from $2,017 last year as consumption increases, the bureau said. That compares with a December estimate of $2,118 for 2013. Alumina, the principal raw material in aluminum, may average $342 a ton this year from $319 in 2012.
Nickel may average $17,586 a ton in 2013 from $17,505 last year, the report said. Zinc may average $1,983 a ton this year from $1,947 last year, it said.

Commodity Pivot level

Market weekly report for Mar 18-22, 2013:

USD/INR reversed quickly into the set first reversal objective of 53.95-54.05 (low at 53.97) from sell zone of 55.10-55.35 (high at 55.15), and traded end-to-end of set intra-week range of 53.95/54.10-54.55 (high at 54.52/low at 53.97) before close of week at 54.02. MARKET PULSE urged exporters to stay covered in 3-12M exports (3M at/above 56.00 and 12M at/above 58.50 on USD/INR rally over 55.00 where USD is over-valued) and borrowers to shift rupee loans to dollars to encash higher spot and attractive FX premium. In the intra-week update (on the Twitter), exporters were urged to sell April’13 dollars at/above 55 on spot rally into 54.45-54.55. So, exporters would stay comfortable on Rupee rally from 55.15 to 54.00 while it is great relief for importers who stay open on FC liabilities (post unwind of hedge entered at 52.85-53.10) deriving comfort of short/medium term USD/INR consolidation at 53-55. What next? The undertone of Rupee is bullish; downside risks from twin-deficits and fear of rating downgrade is not relevant while stable commodity prices and RBI’s shift to growth supportive monetary stance add to bullish momentum. There is greater comfort now on sustainability of off-shore flows into Indian debt and equity capital market.

The high forward premium continue to keep forward market in supply driven mode; importers do not have the fear (of rupee depreciation) to pay high premium to acquire forward dollars while exporters are in greed to absorb high premium (with comfort on rupee stability). The trading range was reviewed on 15th March with set up of strong resistance at 54.05-54.20 for extended rupee gains below 53.93 into 53.60 to completely unwind the post-budget dollar rally from 53.60 to 55.15; beyond there, pre-January monetary policy high of 52.88 is pulled into the radar. For the week, let us watch 53.60-54.10/54.25 with bias into lower end. The strategy is to chase rupee gains into 53.60-53.70 (with trail stop above 54.25) and stay neutral on extension into 53.20-53.35 or correction from there into 54.05-54.20. It will be good for importers to absorb extended rupee gains into 52.85-53.35 where dollar will look cheap to acquire. It is good opportunity for RBI to absorb excess dollar supplies without hurting the rupee bullish tone. The near/short term undertone is firmly in favour of rupee for consolidation at 52.85/53.10-54.10/54.35. The only risk factor is from disappointment from RBI which will quickly get the focus into 55.10-55.35 (not a preferred scenario).

EUR/USD traded "inner ring" of set weekly range of 1.2885-1.3085 (low at 1.2910 and high of 1.3107) before close of week at 1.3080, while USD Index failed to retain gains above 82.85-83.00 (high of 83.16) for sharp reversal into 81.85-82.00 (low of 82.05) before close of week at 82.12. What next? The ability of EUR/USD to hold at near/short term base of 1.29-1.30 provides confidence to the bulls for strong push into 1.34-1.35. EUR/USD will find solid support at 1.2985-1.3035 and need to take out immediate resistance at 1.3140-1.3165 (USD Index at 81.45) for extended gains into 1.34-1.35. For the week, let us watch 1.2985/1.3035-1.3310 with bias into higher end not ruling out extended gains into 1.34-1.35 to complete end-to-end of set near/short term range of 1.29/1.30-1.34/1.35. The strategy is to stay "long" on dips into 1.3035 for 1.3285-1.3310.

USD/JPY traded end-to-end of set intra-week range of 94.75/95.25-96.50/97.00 range (low at 95.06 and high at 96.71) before close of week at 95.30. What next? The rally from 90.92 is losing steam below 97 and seen to be in consolidation mode before extending gains into 100.00, retaining near/short term bullish undertone while bulls need to take cover on test/break of immediate support at 94.55-94.80. For the week, let us watch consolidation at 94.50/94.75-96.50/96.75 and neutral on break-out direction. The strategy is to trade end-to-end with stop/reverse which then could bring the focus into 89/90 or 99/100.

Interest rate market:

10Y Bond found solid support at intra-week weakness into 7.90% but unable to extend gains beyond 7.83% for close of week at 7.85%. Post entry into 2013, 10Y Bond has settled into familiar trading range of 7.78/7.80-7.90/7.92 and has traded back-and-forth many times since then. What next? 10Y Bond has strong support at 7.90-7.93% irrespective of RBI’s rate action, while the uncertainty is on the near/short term objective. There is strong resistance at 7.78-7.80% which covers 25 bps rate cut (operating policy rate at 7.5%) but given the expectation of Repo rate at 7% by end June/September 2013, 10Y Bond can extend gains into 7.50-7.65% in the short/medium term. For the week, let us watch 7.70/7.80-7.88/7.90% with bias into lower end; 25 bps rate cut will provide consolidation at 7.80-7.88/7.90 while 25 bps rate cut with dovish guidance or 50 bps rate cut will guide the trading range at 7.70-7.80%. The strategy is to retain "long" book entered at 7.88-7.93%, add at 7.88-7.90% for 7.78-7.80% (on 25 bps rate cut) or 7.70-7.73% (on 50 bps rate cut).

OIS rates ease from set resistance/receive zone of 7.58-7.60 (1Y) and 7.23-7.25 (5Y) and met reversal objectives at 7.51-7.53% and 7.16-7.18% before close of week at 7.52% and 7.17% respectively. What next? The market has priced in 25 bps rate cut (Repo rate at 7.5%) but given the expectation of 7.25-7.0% soon, the trend is bearish for 7.35% (1Y) and 7.10% (5Y). For the week, let us watch 7.35/7.45-7.53/7.55 (1Y) and 7.10/7.15-7.20/7.23 (5Y) with bias into lower end; 25 bps rate cut will provide consolidation at 7.45-7.55% and 7.15-7.23% while 25 bps rate cut with dovish guidance or 50 bps rate cut will guide trading range at 7.35-7.45% and 7.10-7.20%. The strategy is to receive 1Y at 7.53-7.58% (for 7.35-7.38%) and receive 5Y at 7.20-7.23% (for 7.08-7.10%).

FX Premium in consolidation mode at 7.60-7.85% in 3M and 6.40-6.65% in 12M before close of week at 7.8% and 6.5% respectively. It was mixed cues with strong bids from interest rate play against strong supplies from exporters across all tenors beyond 1M. What next? It is time to build "received book" ahead of rate cut and shift into FY14 with near/short term objective at 7.0% and 6.0% respectively. In anticipation of this 1X12M has established reversal trend but good support has emerged from exchange rate play tracking USD/INR weakness from 55.15 to 54.00. For the week, let us watch 7.60-7.90/8.0% (3M) and 6.35-6.60% (12M). The strategy is to receive 3M at 7.90-8.0 and 12M at/above 6.60% and await test/break of lower end into set objectives.

Equity market:

NIFTY was in volatile mood with initial fall from 5971 to 5791, followed by sharp recovery to 5945 but lost steam for deeper correction into 5861 before close of week at 5872. The only clarity was from establishment of strong resistance at 5925-5975 till RBI’s policy is out of the way. What next? The near term trading range is firmly established at 5600-6100 and attention is on RBI to provide guidance for immediate term bias. The global cues and off-shore support are in favour of the bulls. On the domestic front, bearish signals from macroeconomic fundamentals are diluted but domestic institutional investors are glued to the fixed income with attractive coupon, less volatility and decent rally in the immediate term. RBI’s rate actions (and dovish guidance) will favour upside break-out to get the focus into 6200-6215 ahead of 6338-6357. For the week, let us watch 5765/5835-5945/6015; 25 bps rate cut (with dovish guidance) will get the focus into 5945-6015 and 50 bps rate cut will trigger extended rally into 6100/6215. The possibility of disappointment from RBI will be very bearish for 5600, pulling in risk of FIIs exit (not favoured at this stage). The strategy is to stay "long" on dips into 5765-5835 for 5945/6015 or 6100/6215.

Commodity market:

Gold extended its correction mode from 1560 into 1600 and into consolidation mode at 1575-1600 before close of week at 1592. What next? The tone is mildly bullish for extension into 1605-1620 while 1560-1575 stays firm. There is no clarity at this stage to establish break-out direction. For the week, let us watch consolidation at 1560/1575-1605/1620 and stay neutral on break-out direction. The strategy is to trade end-to-end with tight stop/reverse on break thereof.   

NYMEX Crude extended its gains from 89/90 (low at 89.33) into 94/95 (high at 93.84) before close of week at 93.45. What next? The weekly close above 93.37 is bullish and extended rally beyond 94.45-94.95 will open up 98.00-98.15. For the week, let us watch consolidation at 92.00/92.50-94.50/95.00. The strategy is to trade end-to-end with tight stop/reverse for 89.50 or 98.00.(Money control)

Buy MCX Copper Apr Fut around Rs 425: Fortune Financial

Fortune Financial Services has come out with its report on Natural Gas, Crude Oil, Copper and Lead. According to the research firm, one can buy MCX Copper April Future around Rs 425 with stoploss Rs 422 for the target of Rs 428-431.

MCX Natural Gas March contract is looking positive the day. Market may find support near 203 & 200 intraday resistance can be seen near 207 & 210. Day traders are advised to buy intraday on dips. (Buy around 203 with SL 200 for the target of 207 & 210.) 

MCX Crude oil March contract is looking negative for the day. Market may find support near 5010 & 4960; intraday resistance can be seen near 5050 & 5100. Day traders are advised to sell intraday on rise. (Sell around 5050 with SL 5100, for the target of 5010 & 4960.) 

MCX Copper April contract is looking slightly positive for the day. Market may find support near 425 & 422; intraday resistance can be seen near 428 & 431. Day traders are advised to buy intraday on dips. (Buy around 425 with SL 422, for the target of 428 & 431.) 

MCX Lead March contract is looking positive for the day. Market may find support near 120.80, 119.70, intraday resistance can be seen near 122.40 & 123.50 Day traders are advised to buy intraday on dips. (Buy around 120.80 with SL 119.70 for the target of 122.40 & 123.50)