The Indian markets started the day on positive note on back of positive cues from global markets. However as the day progressed markets were unable to hold on to their gains amid selling pressure in Pharma, Banking and other heavyweights. Index after a gap up opening extended the gains, but it failed to cross the strong supply zone which is in zone of 8830-8845 which suggests that bears are still holding the upper hand in near term. Now going forward important support for index will be 8720 and 8640. On upside resistance zone is around 8830-8850. We expect market to be volatile as February month expiry is due today and one major event is about to unfold that is Railway Budget which will set cues further movement in market.

Jet Airways (BSE Code: 532617) lowered the base fares by up to 35 per cent on its international routes for a limited period, which will also be applicable on the network of its partner airline Gulf-based Etihad. Jet Airways offer comes a day after another domestic airline, SpiceJet announced fares as low as Rs 3799 for international travel.

Jaguar Land Rover is eyeing North America as a possible site to build a vehicle assembly plant, the former head of the British luxury automaker's parent said according to media reports. "The company is indeed looking at North America as a location for another plant," Tata Motors (BSE Code: 500570) Chairman Ratan Tata said.

Telecom companies BSNL, MTNL (BSE Code: 500108) and Videocon are considering reducing call rates after telecom regulator TRAI cut down interconnection charges. "Removal of fixed termination charges will help BSNL serve its customer better. We will come up with better offers in next financial year. Customers will have more affordable services," BSNL Chairman and Managing Director Anupam Shrivastav told.