LONDON: Europe struggled Friday to rein in a debt crisis that is wreaking havoc on global markets as Germany approved a giant euro bailout plan but pushed for debt-ridden countries to declare bankruptcy.

A late rally for banks prevented European shares closing at their lowest in more than eight months, though euro zone sovereign debt crisis persisted and drained investor confidence worldwide.

US stocks, however, pushed higher, led by bank shares a day after the US Senate passed the most sweeping overhaul of financial regulation since the 1930s. But worries about euro zone sovereign debt crisis continued to take a toll on investors' appetite for risk, US Treasuries debt prices rose through most of the morning as fears that global fiscal tightening would crimp an economic recovery drove a bid for safety, but turned as stocks rose.

European finance ministers meeting in Brussels came under intense pressure for quick solutions to restore confidence and avert an economic slump, with proposals including heavy penalties for euro states that break debt rules.

"Panic seems to be taking over" on the markets, said Manoj Ladwa, a trader at London-based financial spread betting company ETX Capital.

At City Index, another spread better, market strategist Joshua Raymond said that "the markets are a whole mess of uncertainty and fear right now."

German lawmakers on Friday backed the $1 trillion rescue plan for the euro zone. Skittish trading on a day when many US equity options and some options on stock indexes expire contributed to market volatility.

The price of spot gold, which hit a record high one week ago, was down for a fifth consecutive day, while crude oil pared earlier losses, a day after touching a seven-month low.

The euro traded up 0.70 percent at $1.2552, on pace for its first weekly gain against the greenback in six weeks. Bearish sentiment against the currency had become so extreme in the midst of the Greek-led debt crisis that investors started to buy the euro zone currency in case of intervention.

The FTSEurofirst 300 index of leading European shares fell 0.5 percent to a close of 970.00 points, after falling as much as 3 percent to 946.01 — its lowest since early September. Frankfurt’s DAX index ended at 5829.25 points, down 38.63 or 0.66 percent, shedding 227.46 points since last Friday. In Paris, the CAC-40 index closed at 3430.74 points, down 1.78 or 0.05 percent, losing 129.62 over the week.

The Nikkei average posted its biggest weekly drop since January 2009, as investors reduced holdings of riskier assets including equities on deepening worries about disunity in the euro zone on its debt crisis. The index ended down 2.45 percent or 245.77 points at 9,784.54, its lowest close in more than five months. On the week, the Nikkei fell 677.97 points.

Speaking on a visit to Brussels, Chinese Commerce Minister Chen Deming said Beijing was "following carefully" the development of Europe's debt crisis.

Several European states have racked up huge debts and deficits as a result of the global economic crisis and the current turmoil kicked in as investors lost confidence in governments' ability to repay.

I SHORT SELL TWO LOT TATASTEEL @ 493 . what is the the target of TATASTEEL on monday to Friday
Please tell me

How to find out that FII is buying or selling a particular stock during the day.

Hi nits31, it looks a bit weak.

Hi Manish Malhotra, likely to add 10-12rs on Monday. book profits on rise for now.

Hi SUBRAYA JOISA K, no, dont enter it yet. wait for some time.

Hi Abhi, no, not yet. lets wait for some time. strong resistance near 5000

Hi abeyanto, can head upto 91. on Monday can add 3rs. you can get 200 dma on our site. here is the link: http://nseguide.com/charts.php?symbol=NIFTY in the moving avg section enter 200.. ub eng is a good bet for long term.one can enter it on dips

Hi Pradeep, its rallied quite a bit.would adivce to book partial profits.

Hi MGM, no, dont enter it yet. wait for some time

Hi Niranjan soo, yes, its a good long term bet. as of now one can enter 25-30%

Hi PTM, looks a bit weak. dont enter it yet

Hi ABRAR, oh ok. was not aware of that!

Hi govind, they are looking strong. federal can see 330 and calsoft can add 12-15%

Hi Munna Bhai, yes, US markets did see some upmove on that news. we may open slightly higher.

Hi anonymous, thanks for the update

Hi imran, can add 1.50-2rs

Hi amit, its come down quite a bit. may see a small upmove and then come down again. for now its a hold

Hi vineet, its a hold. if possible add few more around 95 to avg it.

Hi CB,

What about HDIL? Can we enter between 200 to 210? Is it having good future for long term? or will it come down?

Thanks in advance

Hi CB,

Please suggest me about the below companies. Can we enter it in the below range? or we need to wait for dip in these.

1. JK Lakshmi Cement Limited (between 60 to 65)
2. Tanla Solutions (35 to 38)
3. Man Industries (63 to 65)

Thanks.

Hi CB/Kartik,
I m holdn BANKOFINDIA & ONGC
wht lvls can 1 expect on Mon?
thx.