Google redesigns the Navigation Bar

Google gives its products a facelift throughout the year, be it their Maps, News, Search function or Translate. When Google's popular mail function, Gmail got a major facelift, it became the talk of the town. And, if you thought that Google was done with the makeover session for now, you may have to rethink. According to an official post on Google Official Blog, Google bar for swift navigation is the latest to have got a makeover.

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Sensex slips in red after flat opening

A volatile Sensex was looking for consolidation in the opening trade after yesterday's sharp upmove. It was marginally in the red due to fall in index heavyweight Reliance, ONGC and Infosys.

Nilesh Shah of Envision Capital said the market would be in a range of 4700 on the downside and 5100 on the upside for next few days.

Index heavyweight Reliance Industries was down 1.6% as sources claim that the company will engage in arbitration to seek clarity, protection to production sharing contract. Govt may opt to hold on to inducting BP as co-owner in KG-D6.

Frontliners like ACC, Infosys, L&T, ICICI Bank, Kotak Mahindra Bank, SBI, HDFC, Hindalco, Tata Motors, Hero Motocorp, Maruti, BPCL (on likely cut in petrol prices) and ONGC were leading the markets southward.

However, Ranbaxy Labs, Bharti Airtel, TCS, Cipla, HDFC Bank, HUL and ITC were gainers.

The CNX Midcap was flat. Even the market breadth was neutral.

Shares of Vishal Retail and Koutons tanked 6% ahead of all party meeting called by prime minister to break parliament logjam on FDI in retail today. Pantaloon Retail was down 2.8%.

Kingfisher Airlines, GVK Power, Crompton, Educomp and SKS Microfinance were down between 1% and 2%.

However, DB Realty shot up 3.5% ahead of Shahid Balwa bail plea today.

Sun TV, HOEC and Parsvnath moved up 2-3%.

Global cues

Asian markets were trading higher. Shanghai and Hang Seng rose 0.5% each. Nikkei and Taiwan went up 0.8% each. Kospi rose 1.5%.

10 things you should know before opening bell

Moneycontrol Bureau

The US markets finished sharply higher as the Eurozone optimism helped boost investor confidence and following robust retail sales over the Thanksgiving weekend.

On data front, US retailers racked up a record USD 52 billion in sales over the Thanksgiving weekend, a 16.4% jump from a year ago. And new home sales edged up 1.3% in October to a seasonally adjusted 307,000-unit annual rate.

And in key data to watch out in US today, S&P Case-Shiller Home Price Index is expected to see a 0.1% decline. Also the consumer confidence may gain to 45.

Ratings agency Fitch maintains its AAA credit rating on US. However, they have lowered its outlook to "negative" from "stable" after congressional committee failed to agree on USD 1.2 trillion in deficit-reduction measures. They have also warned that they may cut the country AAA rating if policy makers fail to agree in 2013 on a plan to reduce the country's ballooning budget deficits.

And European markets also jumped, led by financials, as officials said Germany and France were exploring radical actions of securing deeper and more rapid fiscal integration among euro zone countries.

With Germany and France pushing for radical reforms to the region's financial stability pact. Germany's finance minister said that Berlin wants countries to set up funds to house debt exceeding EU limits of 60% of GDP as part of a drive to restore confidence in Europe's finances.

The global economic outlook looks increasingly bleak. The organisation for economic cooperation and development or OECD has revised down its forecast for global economic growth to 3.8% this year and 3.4% for 2012.

The OECD has warned that the Eurozone and UK could be entering a recession, as it sees the EU economy shrinking by 1% in the fourth quarter and 0.4% in the first quarter of 2012. The OECD has urged the European Central Bank of act decisively to prevent the debt crisis from getting worse.

The Paris-based think tank has cut US growth estimates significantly…it now expects the world's largest economy to grow by 2% in 2012, as against its earlier forecast of 3.1%.

And the chorus predicting economic pain is growing by the minute. Morgan Stanley has cut its forecast for 2012 global growth to 3.5% from 3.8%. The bank cited increasing risks from the Eurozone debt crisis and signs of bleak economic growth in US for the move.

This is the second time, Morgan Stanley has cut growth forecasts in just the last 4 months.

Japan's Nomura has cut its exposure to Italian government bonds and other Italian securities to USD 467 million from USD 2.82 billion in less than two months to reduce its risk in the region's debt crisis.

In the currency space, euro hold steady versus the dollar, currently at 1.33

Oil gains slightly with Brent above 108 dollar levels on Eurozone optimism and strong retail sales.

From precious metals space, gold holds firm above 1700 dollar levels

And back home, it was a blockbuster rally on Dalal Street -- Nifty gained 140 points to close above 4,850...Sensex surged 500 points.

ONTO SOME STOCK SPECIFIC ACTION

Retail companies will be in focus today as commerce minister Anand Sharma clarifies that FDI funded stores will have to mandatorily source 30% of their total procurement from Indian SMEs.

Reliance Industries initiated arbitration proceedings against the oil ministry over its plans to reverse the cost recovery at the kg-d6 fields.

And telecom secretary states that they will continue talks on spectrum price, M&A guidelines proposals. They hope to conclude discussion on TRAI proposals within one week. Telecom Commission may meet on December 1 on licence norms.

Onto the latest from 2G case, Kanimozhi gets bail from the Delhi High court after six months in jail along with 4 others – Asif Balwa, Karim Morani, Rajeev Aggarwal and Sharath Kumar also get bail. And today there will be bail plea hearing of Shahid balwa and RK Chandolia.

Maoist top gun Kishenji killed in West Bengal

In what is being seen as a big victory for security forces and a huge setback for Maoists, top leader Molajula Koteshwar Rao alias Kishanji on Thursday killed in an encounter with security forces at Burishol village in Junglemahal area of West Bengal.

Kishenji, the dreaded military head of the Maoists, was killed in a joint operation by central forces and West Bengal Police in Kushboni forest in West Midnapore district on Thursday evening.

"There was an information coming for last two days that there is a movement of Maoist squad, probably led by Kishenji and Suchitra Mahato, with intention to launch an attack on joint forces. The joint forces, on receiving this information, organised operations for last two days," said Naparajit Mukherjee, DG, West Bengal Police.

Kishenji, a Maoist politburo member, was the third in-command of the outfit. It was from Kushboni forest on the border of Jharkhand that Kishenji had been operating since 2009. Kishenji's body was identified by the AK-47 rifle he was carrying.

"Most likely it is Kishenji. The officers on the spot said that it is Kishenji and most likely...99 per cent it is Kishenji," said Union Home Secretary RK Singh.

The CRPF has confirmed that Kishenji was killed in a gunbattle with security forces in the Junglemahal area of West Bengal.

Kishenji was believed to lead 22,000 armed Maoist insurgents. He and his cadres had succeeded to cut of the Junglemahal area in Bengal from the state administration for nearly 18 months since 2009. But with Kishenji's death, the Maoists have suffered a body-blow that security agencies believe, will cripple their organisational capabilities in not just Bengal, but in neighbouring Jharkhand and Orissa as well.

Rampaul wrecks Indian hearts, removes Sachin on 94

It's the biggest heartbreak ever and India is stunned.

Sachin Tendulkar is out at 94, excruciatingly close to his much-awaited 100th international ton. The big moment had promised to come on the fourth day of the third Test match against West Indies on Friday. But it was not to be. There is a hushed silence at the packed Wankhade. And a pall of gloom all over the country.

Sachin was caught in the slips by Darren Sammy of the bowling of Ravi Rampaul.