Yes, we can!

Our individual salvation depends on collective salvation. Thinking only about yourself, fulfilling your immediate wants and needs, betrays a poverty of ambition.

Salvation has come to the battered bulls. After four successive days of losses, Yes We Can look forward to a bright start and hopefully an upbeat close to the week as well. All thanks to the overnight gains on Wall Street, which put up a sterling performance after Q3 GDP growth came in ahead of estimates. The Dow finished up nearly 200 points in the biggest one-day point jump since July 15. European stock indexes too finished with gains. Markets are higher across Asia but lag Wall Street's gains. So, it’s a no-brainer that we will also open with a gap.

Don’t get carried away, as there are still worries on whether the ‘V’ shape recovery can continue without any hiccups. Whatever growth is happening in the economies that were hit badly is largely due to government stimulus. It is not clear as to what will happen once that starts to unwind though the same is going to take place gradually. Real growth, driven by household and corporate demand is yet to return to pre-crisis levels.

Risk appetite is generally good but the recent reversal in FII flows is a cause for concern. Quarterly report card of corporates has been mixed. Barring IT, Auto and FMCG sectors others have not been quite up to the mark. In short, further improvement is required by India Inc. for incremental earnings upgrades to take place.

Indiabulls Power shares will list on he bourses today.

Balrampur Chini and other sugar stocks could be in action amid reports the company's promoters are in talks to sell majority stake.

Results Today: ABB, Adani Enterprise, AB Nuvo, Alstom Projects, Arvind, Ashok Leyland, Aurobindo, BILT, Bank of Maharashtra, Bharat Electronics, Bharti Airtel, Blue Dart, Educomp, Essar Shipping, Gammon India, GSK Pharma, Godrej Consumer, GE Shipping, Gujarat Industries Power, GVK Power, Indiabulls Securities, ICICI Bank, Indiabulls Real Estate, Indian Hotels, IOC, IRB Infra, IVRCL Infra, J&K Bank, KEC Intnl, MTNL, Max India, Moser Baer, Mundra Port, NALCO, Nestle, Oracle Financial, RCF, Reliance Capital, SAIL and Torrent Power.

US stocks rallied on Thursday as a strong report on economic growth in the third quarter reassured investors that the recovery is on track. The Dow Jones Industrial Average gained just shy of 200 points, or 2%, closing at 9962.58. It was the Dow's biggest one-day percentage gain since July 15, and came exactly 80 years after Wall Street's darkest day, the Crash of 1929.

The S&P 500 index added 23 points, or 2.3%, to 1,066.11, managing its biggest one-day percentage gain since July 23. The Nasdaq Composite index climbed 38 points, or 1.8%, to 2,097.55, its biggest one-day percentage gain in about a month.

Gains were broad based, with 29 of 30 Dow stocks rising.

The Dow and S&P ended three of the last four sessions lower, and the Nasdaq declined in all four, as investors turned cautious after a seven-month stock rally. The S&P 500 lost 5% between the rally peak on Oct. 19 and Wednesday's close. Since bottoming at a 12-year low on March 9, the S&P 500 has gained 57.6% as of Thursday's close.

The rally in the financial sector boosted the KBW Bank index by 4%. Commodity shares spiked, with the Morgan Stanley Commodity index up 5%.

GDP grew at a 3.5% annualized rate in the third quarter, the government reported. That was better than the 3.2% rate economists had predicted and also marked the first quarter of growth in a year. GDP fell at a 0.7% rate in the second quarter.

Yet some economists are concerned that when those short-term factors are removed, the recovery could run out of steam.

A separate government report showed that the number of Americans filing new claims for unemployment fell to 530,000 last week from 531,000 the previous week. Economists thought it would drop to 525,000.

Continuing claims, a measure of Americans receiving benefits for a week or more, fell to 5,797,000 from 5,945,000 the week before. Economists thought claims would fall to 5,905,000.

Exxon Mobil said quarterly earnings plunged 68% in the quarter due to lower oil and natural gas prices. The No. 1 US oil company reported weaker quarterly revenue as well. Both earnings and revenue missed estimates. Shares of the Dow component ended little changed.

Dow component Procter & Gamble reported weaker quarterly earnings and revenue that topped estimates. The consumer products maker also boosted the low end of its fiscal 2010 earnings forecast. Shares gained 4%.

With 302 companies, or 60% of the S&P 500 having already reported results, profits are on track to have fallen 17.9% from a year ago, according to the latest results from Thomson Reuters.

The dollar fell versus the euro, resuming its slide after a few up days and moving closer to a 14-month low hit last week. The greenback gained versus the yen.

US light crude oil for December delivery rallied $2.44 to settle at $79.87 a barrel on the New York Mercantile Exchange, a gain of 3%.

COMEX gold for December delivery rallied $16.60 to settle at $1,047.10 an ounce. Gold has surpassed records repeatedly this month due to the weak dollar and longer-term worries about inflation.

Treasury prices tumbled, raising the yield on the 10-year note to 3.49% from 3.41% on Wednesday.

Reports on personal income and spending, consumer sentiment and manufacturing are all due Friday morning. Chevron, Duke Energy, Alcatel-Lucent and Sony are among the corporations reporting quarterly results in the morning.

It was the third straight trading session on the Indian bourses which belonged to the bears. Weak global cues coupled with the latest move by the RBI to tighten liquidity and an upward revision in inflation forecast continued to weigh on sentiments. In addition, meager quarterly earnings announced by select Indian companies further dampened the sentiment. Traders and investors also remained cautious and preferred to square their position ahead of the F&O expiry on Thursday.

Technically, the NSE Nifty which seemed to have found some support at the 50 Day moving average yesterday was unable to hold above the crucial level. The index closed below the vital moving average indicating that the markets would continue to remain under pressure in the coming days.

The BSE Sensex fell 70 points at 16,283 after touching a high of 16,411 and a low of 16,144. The index opened at 16,335 against the previous close of 16,353. The NSE Nifty fell 21 points to shut shop at 4,826.

In Asia, the Nikkei in Japan was down 1.4%, while Australia's S&P/ASX ended lower by 1.4% at 4,685. While, Shanghai SE Composite gained 0.3% and Hang Seng index in Hong Kong fell 2%.

In Europe, stocks were in the negative terrain. The FTSE in the UK was down 1.3%, The DAX in Germany was down 1.4% and the CAC 40 index in France fell 1.3%.

Coming back to India, among the BSE sectoral indices, the Consumer Durables index was the top loser, shedding 2%, followed by the Bankex index that was down 1.5% and the BSE PSU index was down 1.1%.

The BSE Mid-Cap index marginally gained 0.2% and the BSE Small-Cap index was down 0.5%.

Among the 30-components of Sensex, 19 stocks ended in the red and 11 ended in the positive terrain. Bharti Airtel, Wipro, Tata Motors, Reliance Industries and L&T were among the major gainers.

On the other hand, among the major losers were Maruti, Tata Steel, HDFC, ICICI Bank and HDFC Bank.

Outside the frontline indices, the big losers in the broader market were Sesa Goa, Areva Jet Airways and Sterline Biotech. On the other hand, gainers included PTC, Union Bank, Cadila and Apollo Hospital.

Shares of Jet Airways had a volatile ride on Wednesday. After crashing in the early trades, Jet Airways zoomed to higher altitude adding 9% shutting at Rs398.

The stock fell to a low of Rs331 after the carrier posted a net loss from ordinary Activity After Tax of Rs(4.06)bn for the quarter ended September 30, 2009 as compared to net loss of Rs(3.84)bn for the quarter ended September 30, 2008.

Total Income has decreased from Rs32.58bn for the quarter ended September 30, 2008 to Rs23.81bn for the quarter ended September 30, 2009.

Hexaware Q3 net profit stood at Rs413.5mn as against Rs115.1mn in the same period last year. The company’s other income stood at Rs94.3mn versus Rs52mn for the quarter ended September 30, 2008. Hexaware’s Forex loss stood at Rs197.7mn as against Rs246.4mn while its EPS was at 2.79 versus 0.8%.

Shares of Hexaware surgd by over 11% to end at Rs79.85. The stock opened at Rs73 and made an intra-day high of Rs83.60 and a low of Rs73. Total traded volumes stood at 1.7mn shares.

Chennai Petroleum posted a net profit from ordinary activities after tax of Rs1.39bn for the quarter ended September 30, 2009 as compared to Net loss of Rs(1.02)bn for the quarter ended September 30, 2008.

Total Income has decreased from Rs10.29bn for the quarter ended September 30, 2008 to Rs69.85bn for the quarter ended September 30, 2009.

The stock slipped 1.5% to end at Rs220 and made an intra-day high of Rs220 and a low of Rs213. Total traded volumes stood at 0.26mn shares.

Sun Pharmaceutical posted a net profit after tax of Rs2.03bn for the quarter ended September 30, 2009 as compared to Rs3.03bn for the quarter ended September 30, 2008.

Total Income has decreased from Rs9.59bn for the quarter ended September 30, 2008 to Rs6.01bn for the quarter ended September 30, 2009.

The Unaudited Consolidated Results are as follows

The Group has posted a net profit after minority interest of Rs4.53bn for the quarter ended September 30, 2009 as compared to Rs5.12bn for the quarter ended September 30, 2008.

Total Income has increased from Rs12.01bn for the quarter ended September 30, 2008 to Rs12.51bn for the quarter ended September 30, 2009.

Sun Pharma advanced by 1% to Rs1377. The stock opened at Rs1350 and made an intra-day high of Rs1399 and a low of Rs1300. Total traded volumes stood at 46,000 shares.

Gail India posted a net profit of Rs7.13bn for the quarter ended September 30, 2009 as compared to Rs10.23bn for the quarter ended September 30, 2008.

Total Income has increased from Rs63.58bn for the quarter ended September 30, 2008 to Rs63.71bn for the quarter ended September 30, 2009.

The stock was down by 1.3% to Rs338, it opened at Rs341 and made an intra-day high of Rs351 and a low of Rs337. Total traded volumes stood at 0.42mn shares.

Shares of BEML slipped by 4% to Rs975 after the company posted a net profit of Rs136mn registering a decline of 75% YoY for the quarter ended September 30, 2009 as compared to Rs555.1mn for the quarter ended September 30, 2008.

Total income has decreased Rs6.35bn for the quarter ended September 30, 2008 to Rs5.05bn for the quarter ended September 30, 2009.

The stock opened at Rs1005 and made an intra-day high of Rs1038 and a low of Rs972. Total traded volumes stood at 20,000 shares.

Tata Tea posted a profit after tax of Rs2.58bn for the quarter ended September 30, 2009 as compared to Rs437.9mn for the quarter ended September 30, 2008. Total Income increased from Rs3.70bn for the quarter ended September 30, 2008 to Rs4.62bn for the quarter ended September 30, 2009.

The Unaudited Consolidated Results are as follows

The Group has posted consolidated net profit of Rs2.87bn for the quarter ended September 30, 2009 as compared to Rs2.17bn for the quarter ended September 30, 2008. Total Income has increased from Rs12.09bn for the quarter ended September 30, 2008 to Rs14.25bn for the quarter ended September 30, 2009.

The stock gained by 1% to Rs840, it opened at Rs837 and made an intra-day high of Rs848 and a low of Rs825. Total traded volumes stood at 36,000 shares.