6 arrested for Pune blast, Jama Masjid attack

The Delhi Police has arrested six suspected Indian Mujahideen operatives in connection with crucial terror cases in the country, according to sources. The Delhi Police sources claim to have solved the Jama Masjid blast case, the Pune German Bakery blast case and Chinnaswamy stadium terror attack case.

Sources say a Pakistani national is also among the six arrested Indian Mujahideen operatives.

This came days after two Indian Mujahideen operatives were arrested in Chennai and brought to Delhi for questioning.

Police sources said the 'main man' Imran, who was allegedly providing finance and other logistics besides coordinating various modules, is on the run.

Imran had allegedly planted the bomb in a car outside Delhi's Jama Masjid on September 19, 2010, the sources said.

Sources said they also looking for one Tauqeer, a top IM leader who is wanted in 2008 Delhi serial blasts and is suspected to be involved in the September 7 High Court blast.

Those arrested are Mohd Afzal, Mohd Ajmal, Mohd Siddique, Zafar, Abdul Rehman and Irshad Khan, a senior police official said.

Afzal and Ajmal were arrested from Madhubani in a fake passport case while Rehman and an engineering student Irshad Khan were apprehended from Chennai. Siddique and Zafar were arrested from Delhi, the official said.

"All the arrests were made in the past few days. We have also seized some arms and ammunition from Delhi and nearby areas," the official said, adding all these were two-member modules.

The police have been conducting raids at other places including Bihar to find clues in terror cases like the Jama Masjid blast, the Delhi High Court blast and even the German Bakery blast.

Four people were also detained three days ago as the police questioned some people in connection with these terror cases.

17 people were killed and over 50 were injured in the German Bakery blast in Pune's posh Koregaon Park area in February 2010. 15 people were injured in two low intensity blasts near a packed Chinnaswamy cricket stadium in April the same year. The blasts took place less than an hour before an IPL match.

On September 19, 2010, two foreign tourists were injured when two men on a motorcycle opened fire outside Gate 3 of Delhi's Jama Masjid.

GDP at 6.9%, slowest in 9 quarters

India's economy—as measured by GDP or gross domestic produce—grew 6.9% in the July-September quarter, compared to a 7.7% growth during the same period last year. This is the slowest growth in nine quarters, as the economy grapples with runaway inflation, high interest rates, weak rupee and falling industrial output.

The decline was on expected lines, with the average of a CNBC-TV18 poll estimating it at 6.9%. Equity indices trimmed their losses immediately after the announcement, indicating that the fall was not as bad as feared.

The figure would have been even worse, but for a 9.3% growth in the services sector. Mining and manufacturing were the worst performing sectors, with mining logging a de-growth of 2.9% versus a positive growth of 8% last year. Manufacturing grew 2.7% versus 7.8%, farm sector growth fell to 3.2% from 5.4%, and the construction sector declined to 4.3% from 6.7%.

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.