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In the US markets, stocks ended up nearly a percent or more as investors flocked to stocks, pushing the market to new two-year highs on the first trading day of the year. The S&P 500 closed at its highest levels since September, 2008.

AND IN ECONOMIC DATA, solid data seemed to uphold this session's buying effort. Construction spending for November increased by 0.4%, which exceeded consensus call for a 0.2% increase. The ISM manufacturing index for December improved to 57.0 from 56.6, but the latest reading was still slightly below the 57.3 that had been expected. European shares too ended higher, starting the New Year with a broad-based rally led by construction and industrial shares as softer-than-expected factory inflation data from China eased tightening concerns. In the currency space, the dollar advanced against several key currencies and the dollar index climbed as much as 0.7% in early New York trade before it slipped 0.3% at close of trade. In commodities, oil prices rose to a 27-month peak as upbeat European and US manufacturing data and forecasts for cold weather reinforced optimism about economic and energy demand growth. And back home, our markets saw quiet but stable start to 2011 with the nifty trading a narrow range & closing around 6160. . .here is a recap. The corporate drama surrounding the City Bank fraud continued even as Hero Corporate Services Assistance vice president in charge of finance, Sanjay Gupta, was arrested and later produced in the Gurgaon court yesterday. The court has remanded Gupta to the custody of Gurgaon police for 5 days. Meanwhile Sanjay Gupta's counsel has maintained that Gupta is a victim of fraud. Kirloskar Bros Investment will list today after its demerger. As per the arrangement, 1 share will be allotted for every 15 held in Kirloskar Bros. The total value of investments is around Rs 1600 crore. Also check out some other STOCKS IN NEWS. Bank credit to infrastructure shot up by over 45% in the years 2008-09 and 2009-10. That's the biggest takeaway from the details of the sectoral distribution of credit that the central bank made public recently. In other news, the CNBC-TV18 Overdrive Awards will be given out in Mumbai today. The best launches of 2010 and the companies, people and technology that took the country by storm will be honoured.