Markets ends weak on F&O expiry day

The market came sharply off higher level in late trade due to expiry of November 2007 derivatives contracts. ICICI Bank came off higher level. Infosys slipped into the red in late trade in contrast to a decent gainers earlier during the day. Bajaj Auto, Ranbaxy, Reliance Energy slipped. Metal stocks lost ground. Market breadth turned negative from positive in the last one hour of trade.

The 30-share BSE Sensex provisionally ended up 26.73 points or 0.14% to 18,965.60.The broader based S&P CNX Nifty provisionally ended up 21.25 points or 0.38% to 5638.80.

Reliance Industries was up 1.22% to Rs 2820.20.India’s largest private sector bank by assets ICICI Bank rose 1.20% to Rs 1140.25. The stock came sharply off the higher level in late trade. It came off session's high of Rs 1184.

India’s second largest software exporter by sales Infosys Technologies fell 0.22% to Rs 1566.10.

HDFC Bank gained 3.78% to Rs 1668.80, Maruti Suzuki jumped 2.51% to Rs 991, Mahindra & Mahindra gained 1.56% to Rs 720.90, Bharti Airtel rose 0.91% t oRs 918.25 and State Bank of India was up 0.58% to Rs 2265.

Bajaj Auto dropped 4.68% to Rs 2600.20, Ranbaxy laboratories fell 2.41% to Rs 379.95, Reliance Energy fell 1670.65, Reliance Communications fell 1.78% to Rs 666.35 and ONGC declined 1.70% to Rs 1131.

Markets trade with hefty gains

The market opened with an upward gap, tracking firm global markets. Banking and metal stocks were in demand. HDFC Bank soared. Market breadth was strong.Asian markets surged after comments on Wednesday, 28 November 2007, from US Federal Reserve officials raised the chances of another US rate cut in December 2007.

At 12.15 hrs IST, the Sensex is up 291.51 points or 1.54% at 19230.38, and the Nifty up 71.95 points or 1.28% at 5689.50.

Reliance Industries was up 1.39% at Rs 2825.ONGC gained 1.26% to Rs 1165. ONGC Videsh (OVL), the overseas arm of state-run Oil and Natural Gas Corp (ONGC), has reportedly bagged two oil and gas exploration blocks in Brazil.

The BSE Bankex was up 2.42% to 10,640.42. HDFC Bank jumped 4.73% to Rs 1682.50, Oriental Bank of Commerce gained 2.48% to Rs 262.10, Andhra Bank rose 1.53% to Rs 99.80, State Bank of India rose 1.37% to Rs 2283, Allahabad Bank rose 1.09% to Rs 111.40 and Bank of India rose 1.07% to Rs 340.95. ICICI Bank gained 2.69% to Rs 1157.10.

Sterlite Industries jumped 3.63% to Rs 922.15, Hindustan Zinc rose 3.10% to Rs 799, National Aluminium Company (Nalco) gained 1.59% to Rs 363.10, Steel Authority of India (Sail) moved up 1.15% to Rs 254.50, Hindalco Industries rose 0.90% to Rs 186 and Tata Steel rose 0.63% to Rs 823.85.

Unitech was up 0.71% to Rs 362.20, Omaxe was up 1.40% to Rs 417, Sobha Developers was up 1.28% to Rs 870.DLF was up 1.19% to Rs 890.05. The company is reportedly in talks with tractor company Escorts to acquire its surplus land assets at Faridabad in Haryana. Escorts has denied the media report.

The BSE IT index was up 1.89% to Rs 4,158.38. i-flex Solutions gained 2.74% to Rs 1541, Wipro gained 2.22% to Rs 459.45, TCS rose 1.77% to Rs 993 and Infosys Technologies rose 1.94% to Rs 1600.

The BSE Auto index was up 1.24% to Rs 5,471.43. Maruti Suzuki gained 2.82% to Rs 994, Tata Motors rose 1.91% to Rs 734.25, Cummins India gained 2.27% to Rs 421.85 and Escorts rose 1.59% to Rs 160.30.

Mahindra & Mahindra rose 2.59% to Rs 728. Mahindra Holidays and Resorts, part of Mahindra & Mahindra Group, is reportedly planning to develop holiday homes on ownership basis. It also plans to float an IPO by March 2008.

Markets end on a weak note

The markets slipped significantly in the final hour of trade closing with a deep cut. The weakness in markets was inline with Asian indices trading flat or in negative despite some positive cues from Dow yesterday. Heavy selling was seen in metal, IT and oil & gas.

Sensex was down 188.86 points or 0.99% at 18938.87, and the Nifty down 80.60 points or 1.41% at 5617.55.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries was down 1.96% at Rs 2786.15.

India’s largest private sector bank by assets ICICI Bank lost 1.10% to Rs 1120, off day’s high of Rs 1160.India’s second largest software exporter by sales Infosys Technologies fell 0.23% to Rs 1572.10.Hindalco Industries dropped 3.71% to Rs 184.25, Tata Steel fell 3.73% to Rs 816, ACC fell 3.31% to Rs 1075.20, Reliance Energy declined 3.44% to Rs 1700 and TCS fell 2.51% to Rs 968.

Yesterday's new listing Mundra Port closed down 9% below the Rs 900 mark.

NSE bans futures trading in Essar Oil, Bongaigaon refinery

Trading in stock futures of Ruias-led Essar Oil, Bongaigaon Refinery and six other companies have been banned at the National Stock Exchange.

The derivative contracts in the underlying Essar Oil, state-run Bongaigoan Refinery, Tata Teleservices, JP Hydro, Reliance Petroleum Ltd, NIIT Technologies, IFCI and Adlabs Film are currently in the ban period, a NSE circular said on Wednesday.

Trading in these companies were banned as they have crossed the 95% of market-wide position limit and consequently restricted from making any fresh contracts, the circular added.

In the cash segment the scrip of Essar oil witnessed a whopping jump of over 312.55% in a month. From the levels of Rs53.75 quoted on 26 October, the scrip moved to Rs221.75 as on 27 November, a jump of Rs168.

Similar movement was witnessed in the scrip of Bongaigaon Refinery. The shares of the company increased from Rs61.85 as on 26 October to Rs98.95 quoted on 27 November, a jump of Rs37 or 60%.

Essar Oil stock has witnessed a turnover of over Rs42 crore in the first few hours of trade on Wednesday even as the scrip is trading down 2.10% at Rs217.10 on the BSE.While shares worth over Rs15.77 lakh of Bongaigaon Refinery had changed hands at the BSE in the morning trade, the scrip was trading down 0.81% at Rs97.75.

The circular informed that all members shall trade in derivative contracts of Tata Teleservices, JPHydro, RPL, NIIT Tech, IFCI, Adlabs Films and GMR Infrastructure only to decrease their positions through offsetting positions and any increase in open positions would attract appropriate penal and disciplinary action.

Markets off days high

The market opened on a firm note amid mixed global cues. Volatility persisted ahead of derivatives expiry on Thursday, 29 November 2007. Banking, consumer durables and power stocks were in demand. The market breadth was strong.But at present the markets are off day's high due to lack of momentum. Nifty is trading absolutely flat and Sensex is marginally in the green. The weakness in markets is inline with Asian indices trading flat or in negative despite some positive cues from Dow yesterday.

At 12.27 hrs IST, the Sensex is up 89.55 points or 0.47% at 19217.28, and the Nifty down 1.10 points or 0.02% at 5697.05.

India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries was down almost flat at Rs 2840, off session's low of Rs 2834.

The BSE Bankex was up 1.23% to 10,624.37. Indian Overseas Bank was up 4.16% to Rs 152.70, Kotak Mahindra Bank moved up 3.35% to Rs 1160, Andhra Bank rose 2.96% to Rs 102.50 and HDFC Bank rose 1.79% to Rs 1661.75.

India’s largest private sector bank by assets ICICI Bank gained 1.91% to Rs 1154. The bank has reportedly carried out the largest rated securitisation transaction for Rs 1,929.9 crore — a process that involves converting the bank’s car loans into tradeable securities.

Videocon Industries soared 5.94% to Rs 412, Rajesh Exports gained 0.96% to Rs 849 and Titan Industries moved up 0.69% to Rs 1542.20.Areva T&D gained 3.64% to Rs 2735, Torrent Power gained 2.79% to Rs 178.95, NTPC rose 1.47% to Rs 238.40 and Reliance Energy rose 1.06% to Rs 1774.10.

India’s second largest software exporter Infosys Technologies was up 0.59% to Rs 1585.15.

GAIL India, which distributes natural gas and processes petrochemicals, rose 3.64% to Rs 443.20. As per reports, the company has won the rights to market the gas jointly produced by Reliance Industries, British Gas and ONGC from the Panna-Mukta-Tapti fields, which will boost revenues of the company by over Rs 5,000 crore.

Realty major DLF was down 0.33% to Rs 895 after the company said on Tuesday, 27 November 2007, it had partnered the founder of Aman Resorts for a stake in the luxury hotel chain

Diversified construction firm Jaiprakash Associates soared 7.25% to Rs 1838.50. The company is believed to be in talks with the Aditya Birla group to acquire Bina Power (BPC) in Madhya Pradesh.

Engineering firm Punj Lloyd rose 1.59% to Rs 472. The company and New York-based private investment firm Global Technology Investment have reportedly bought 33% stake each in Airworks India. Airworks is one of the oldest family-owned aircraft maintenance firms in India. The two investors are putting in close to Rs 100 crore to rejig the Mumbai-based company.

Markets end higher

The market ended on a firm note led by gains in index heavyweights. HDFC Bank soared. Tata Steel moved up. Metal, power and capital goods stocks were at the forefront of the market rally. Market breadth was strong. European markets, which opened after Indian market, were in green. Asian markets, which opened before Indian market, were firm.

The 30-share BSE Sensex surged 394.67 points or 2.09% to 19,247.54.The broader based S&P CNX Nifty rose 123.01 points or 2.19% to 5731.70.

HDFC bank soared 5.27% to Rs 1645, Tata Steel gained 4.10% to Rs 854.10, Bharti Airtel rose 4.02% to Rs 950.20, Hindalco Industries was up 3.70% to Rs 195 and Reliance Energy rose 3.40% to Rs 1783.70.

India’s largest private sector firm and oil refiner Reliance Industries rose 2.37% to Rs 2878. ICICI Bank, India's biggest private sector bank in terms of net profit, rose 1.01% to Rs 1151.90. India’s second largest software exporter by sales Infosys Technologies gained 1.16% to Rs 1576.

Reliance Petroleum ended 2.60% lower at Rs 204.05 on huge volumes of 2.46 crore shares on BSE.India’s second largest telecom service provider Reliance Communications moved up 0.87% to Rs 687.90. The company reportedly plans to sell another 5% stake in its wireless tower business in the second such transaction in this calendar year.

India’s largest commercial lender State Bank of India fell 0.99% to Rs 2242.25. India's biggest truck maker by revenue Tata Motors slipped 0.23% to Rs 713.

Markets trading firm

The market surged in opening trade as US shares were buoyed on Friday, 23 November 2007, by a strong start to the US holiday shopping period. Short covering ahead of the futures & options expiry this Thursday, 29 November 2007 and fresh buying at lower levels kept market buoyant. Asian markets were firm.The markets are trading in green with hefty gains but are marginally off the day's high. Strong cues from Asian have helped markets in this uptrend.

At 12.45 hrs IST, the Sensex is up 338.58 points or 1.80% at 19191.45, and the Nifty up 112.30 points or 2.00% at 5720.90.

Reliance Industries gained 1.80% to Rs 2864. The company has sold 4.01% of the equity share in its subsidiary company Reliance Petroleum (RPL) by transactions through the stock exchanges. The aggregate sale consideration is Rs. 4,023 crore and post-sale RIL’s stake in RPL has come down to 70.99% from 75%.

Reliance Petroleum was up 0.67% to Rs 210.90 on huge volumes of 1.15 crore shares on BSE.

India’s second largest telecom service provider Reliance Communications moved up 1.83% to Rs 694.50. The company reportedly plans to sell another 5% stake in its wireless tower business in the second such transaction in this calendar year.

Sadbhav Engineering moved up 2.23% to Rs 1082.20 after the company received road development projects worth Rs 99.01 crore from the government of Chhattisgarh.

Brokerage firm India Infoline spurted 6.4% to Rs 1190.10 on reports that foreign investors Goldman Sachs and Blackstone are in final stages of negotiations to buy a 26% stake in India Infoline Distribution Company, a distribution subsidiary of the brokerage.

Ceramic tiles maker Nitco Tiles soared 8.77% to Rs 310 on reports that leading foreign investors Lehman Brothers, Citigroup, Merrill Lynch, Deutsche Bank and Reliance Capital have picked up a total 15% stake in the company for around Rs 170 crore.

Balaji Telefilms surged 8.79% to Rs 364 on reports that the company plans to offload 10% to 15% stake in its wholly owned subsidiary Balaji Motion Pictures.

Markets trading in red

The market declined in the early trade due to selling pressure in banking and IT majors.The markets continue to trade in deep red without any signs of recovery on account of selling presuure in scrips across sectors.The fall comes inline with rest of the Asia. Even the midcaps and smallcaps have taken it on their chin today. It is large scale equity sell off across markets and sectors.

At 13.16 hrs IST, the Sensex is down 379.59 points or 1.97% at 18901.21, and the Nifty down 116.30 points or 2.01% at 5664.60.

IT stocks recovered. Tata Consultancy Services rose 1.18% to Rs 970 and was the top gainer from Sensex pack. It came off session's low of Rs 941. Infosys rose 0.04% to Rs 1,565, off session's low of Rs 1,545.Satyam Computer Services (down 0.58% to Rs 415) and Wipro (down 1.71% to Rs 441) edged lower.

Index heavyweight and India’s largest private sector firm by market capitalisation Reliance Industries declined 0.42% to Rs 2,775.10. It came off session's low of Rs 2,741. As per reports, Reliance Industries (RIL) has signed production sharing agreement (PSA) for two exploratory blocks 34 and 37 located in the Jeza basin of eastern Yemen, taking its total number of overseas exploratory blocks to nine.

FMCG major ITC declined 2.29% to Rs 192.05. As per reports it is preparing for a series of acquisitions to strengthen its food business, the fastest growing segment among the new businesses under its umbrella.

Auto stocks declined. Mahindra & Mahindra declined 2.73% to Rs 711. As per reports, Mahindra Systems and Automotive Technology (MSAT), Mumbai-based Mahindra & Mahindra’s auto component division, is in talks with the management of South Africa-based auto component manufacturer S P Metal Forgings for an equity buyout. The deal size ranges from $200 million to $300 million (roughly Rs 1,100 crore to Rs 1,200 crore).

India’s largest carmaker by sales Maruti Suzuki India declined 4.09% to Rs 968.90. Tata Motors (down 1.82% to Rs 695) edged lower.

Capital goods stocks declined. Larsen & Toubro slipped 2.82% to Rs 4,214 on BSE, after the company said on Tuesday 20 November 2007 it had signed an agreement with Raytheon for the US defence major's multi-role fighter jet programme, besides co-operation in defence projects. Bharat Heavy Electricals (down 2.72% to Rs 2,581) and Suzlon Energy (down 4.48% to Rs 1,949.60) were other losers from capital goods sector.

Banking majors declined. ICICI Bank (down 5.42% to Rs 1,104) ,HDFC Bank (down 3.41% to Rs 1,576), and State Bank of India (down 1.75% to Rs 2,239.75) edged lower.

Power stocks plunged. Tata Power Company (down 4.37% to Rs 1,164), Reliance Energy (down 2.75% to Rs 1,745), NTPC (down 3.23% to Rs 252), PowerGrid Corporation of India (down 2.61% to Rs 154.95) edged lower.

Metal stocks declined for the second day in a row due to falling global metal prices. Sterlite Industries (down 3.01% to Rs 930), Hindalco Industries (down 1.67% to Rs 191), Steel Authority of India (down 1.61% to Rs 259.55) edged lower.

Tata Steel declined 2.01% to Rs 842.30. As per reports, Riversdale Mining, Tata Steel’s partner in Australia, has discovered around 1.2 billion tonnes of coal at northern Benga in the Moatize district of Mozambique which happens to be the world’s largest unexplored coal province.

India’s largest real estate developer by market capitalisation DLF rose 0.45 % to Rs 904. Indiabulls Real Estate (down 0.79% to Rs 656) and Unitech (down 2.08% to Rs 372.30) edged lower.

India's biggest dedicated housing finance firm HDFC rose 0.05% to Rs 2,639.90 and was the top gainer from sensex pack.

Religare Enterprises was hovering at Rs 548, a premium of 196.49% over IPO price of Rs 185. It was listed on the bourses today, 21 November 2007.

Infrastructure Development Finance Company rose 0.22% to Rs 201 on reports that its wholly owned subsidiary IDFC Private Equity Company is planning third infrastructure fund targeting a little over $500 million.

Markets extend losses in late trade

Markets remained range bound for most of the session. But with profit booking setting in late trade, the indices slipped deep into the red. Nifty closed at 5,781, down 127 points, while the Sensex shut shop at 19,281, down 353 points.It was a disappointing close for markets and they ended in red, after a highly volatile session. The midcap and smallcap indices, which were trading with hefty gains in the morning, came off significantly from the day's high.

Sensex was down 352.56 points or 1.80% at 19280.80, and the Nifty down 126.75 points or 2.15% at 5780.90.

IT stocks extended losses in late trade on concerns over the US economy. Infosys (down 3.99% to Rs 1,555), Tata Consultancy Services (down 2.65% to Rs 962), Wipro (down 1.95% to Rs 448.50) and Satyam Computer Services (down 1.57% to Rs 416) edged lower.

State Bank of India (SBI) declined 1.08% to Rs 2,280. As per reports it is seeking to expand its foothold beyond immediate associate banks by possibly absorbing UCO Bank and Dena Bank. UCO Bank jumped 7.99% to Rs 61 and Dena Bank soared 5.46% to Rs 92.75.

ICICI Bank (down 1.33% to Rs 1,171.05) and HDFC Bank (down 1.04% to Rs 1,638) edged lower.

Index heavyweight and India’s largest private sector firm by market capitalisation Reliance Industries was down 1.74% to Rs 2,803, off session's high of Rs 2,857.80.

Capital goods stocks declined. Bharat Heavy Electricals (down 4.65% to Rs 2,654.20), Suzlon Energy (down 2.54% to Rs 2,041.05) and Larsen & Toubro (down 0.73% to Rs 4,336.35) edged lower.

Power stocks fell. Tata Power Company (down 4.09% to Rs 1,220.05), NTPC (down 1.58% to Rs 261.40) and Reliance Energy (down 1.27% to Rs 1,804), edged lower.

Realty stocks declined. DLF declined 3.78% to Rs 912. Merrill Lynch (ML) has reportedly acquired 49% equity stake in seven residential projects of DLF for Rs 1,481 crore.

Unitech declined 4.64% to Rs 379.90, on reports the company foraying into Mumbai with a commercial project spread over 80 acre near the Bandra Kurla complex. However Indiabulls Real Estate rose 0.68% to Rs 663.50.

Tata Motors (up 0.77% to Rs 708), ACC (up 0.38% to Rs 1,088), Hindustan Unilever (up 0.34% to Rs 205.50), Tata Steel (up 0.25% to Rs 864.90) and Bajaj Auto (up 0.16% to Rs 2,430) edged higher.

Hindalco Industries (down 5.5% to Rs 194.15), Bharat Heavy Electricals (down 4.65% to Rs 2,654.20), Maruti Suzuki (down 4.11% to Rs 1,010.25) and Grasim Industries (down 3.48% to Rs 3,735) edged lower.

Jindal Stainless was the top gainer from A group and rose 15.29% to Rs 204. Fertilisers and Chemicals Travancore (up 4.95% to Rs 47.70), D- Link (India (up 4.54% to Rs 91), MIRC Electronics (up 4.36% to Rs 33.50), Nirma (up 4.02% to Rs 220) were other major gainers from A group.

Markets in green as Asian stocks recover

The market opened with a downward gap and lost further ground in early trade tracking weak global markets. The market later recovered from lower level.

At 13.05 hrs IST, the Sensex is up 39.09 points or 0.20% at 19672.45, and the Nifty up 3.20 points or 0.05% at 5910.85.About 2096 shares have advanced, 896 shares declined, and 74 shares are unchanged.

Index heavyweight and India’s largest private sector firm by market capitalisation Reliance Industries was dodeclined 0.15% to Rs 2,848.15, off session's low of Rs 2,808.

Banking stocks rose. India's biggest private sector bank in terms of operating income ICICI bank rose 1.85% to Rs 1,208.80. The stock recovered from session's lows of Rs 1,160.

State Bank of India (SBI) rose 1.09% to Rs 2,330.15. As per reports it is seeking to expand its foothold beyond immediate associate banks by possibly absorbing UCO Bank and Dena Bank. UCO Bank jumped 7.99% to Rs 61 and Dena Bank soared 5.46% to Rs 92.75.

However, India’s second largest private sector bank in terms of net profit HDFC Bank declined 0.31% to Rs 1,650.

Consumer Durable stocks rose. Videocon industries (up 8.84% to Rs 477), Titan Industries (up 1.66% to Rs 1,540) and Blue Star (up 1.27% to Rs 433.90) edged higher.

Gitanjali Gems rose 0.43% to Rs 389.55 after it announced today during market hours that it is forming an equal joint venture with ARMO Netherlands Finance B.V. for importing, wholesale, distribution and manufacture of watches, leather goods, writing instruments, jewellery and other products.

Realty stocks declined. DLF declined 1.45% to Rs 934. Merrill Lynch (ML) has reportedly acquired 49% equity stake in seven residential projects of DLF for Rs 1,481 crore. Indiabulls Real Estate down 0.61% to Rs 655.

Unitech declined 3.38% to Rs 384.95, on reports the company foraying into Mumbai with a commercial project spread over 80 acre near the Bandra Kurla complex.

IT stocks plunged. Tata Consultancy Services (down 1.04% to Rs 977.90), Infosys (down 0.93% to Rs 1,604.70), Satyam Computer Services (down 0.39% to Rs 421 and Wipro (down 0.52% to Rs 455) edged lower.

India’s second largest cement manufacturer by sales ACC rose 3.7% to Rs 1,123.90 and was the top gainer from Sensex pack.ITC (up 2.36% to Rs 203.50), Tata Steel (up 1.77% to Rs 878) and ONGC (up 1.63% to Rs 1,282) edged higher.Bharat Heavy Electricals (down 1.89% to Rs 2,731) and Maruti Suzuki India (down 1.65% to Rs 1,036.15) edged lower.

Market slips into the red in late trade

The market lost ground in late trade as index heavyweight Reliance Industries dropped and ITC slipped. The market was in the green for a better part of the day though it had pared gains after an initial surge. Banking majors plunged. IT pivotals pared gains. Consumer durable, auto, realty moved higher. BSE Mid-Cap and Small-Cap indices outperformed Sensex. The market breadth was strong. 2 out of 3 key European markets were in the red. Key Asian markets ended in the red.

The 30-share BSE Sensex provisionally ended down 101.88 points or 0.52% at 19,596.01. The broader CNX S&P Nifty was up 10.15 points or 0.17% at 5,896.70.

Banking majors declined. HDFC Bank (down 1.91% to Rs 1,655), ICICI Bank (down 2.42% to Rs 1,190), and State Bank of India (down 0.93% to Rs 2,304) edged lower.

Index heavyweight and India’s largest private sector firm by market capitalisation Reliance Industries declined 1.2% to Rs 2,841.15.

IT stocks declined. Satyam Computer Services (down 1.52% to Rs 422.05), Infosys (down 0.15% to Rs 1,621), Wipro (down 0.07% to Rs 458) edged lower.Tata Consultancy Services rose 0.49% to Rs 987.

Consumer durables stocks surged and BSE Consumer Durable index was the major gainer from BSE's sectoral indices. Videocon Industries (up 9.41% to Rs 439.95), and Rajesh Exports (up 0.03% to Rs 855.25) edged higher.

Gitanjali Gems rose 1.79% to Rs 382 after it acquired US jewellery retail chain Rogers for an undisclosed sum, a move that will boost the company’s retail presence in India and abroad.

Larsen & Toubro (L&T) rose 0.06% to Rs 4,378.50. The company announced during market hours today it in association with Shanghai Urban Construction (Group) Corporation has secured a design & build contract valued at Rs 275 crore from Delhi Metro Railway Corporation (DMRC).

Auto stocks were in demand. Tata Motors (up 0.55% to Rs 702), Mahindra & Mahindra (up 1.92% to Rs 747), Hero Honda Motors (up 2.53% to Rs 712), and Maruti Suzuki India (up 0.39% to Rs 1,053.50) edged higher.

Bajaj Auto rose 3.39% to Rs 2,428. UBS raised its 12-month price target on the stock to Rs 3,033 from Rs 2,440, saying the company was on a recovery path with its two-wheeler business improving and competition seen easing.

Tata Steel (up 2.23% to Rs 862), Cipla (up 3.18% to Rs 186.40) and ACC (up 3.88% to Rs 1,080) edged higher.ITC (down 3.49% to Rs 198.20) edged lower.

Realty stocks gained. India's largest real estate firm by market capitalisation DLF rose 0.91% to Rs 945.10. It replaced Dr. Reddy’s Laboratories in Sensex today. Indiabulls Real Estate rose 3.15% to Rs 657.90.

Markets trade higher

The market surged in opening trade but it pared gains later.The market recovered from its lows in early afternoon trade.Reliance Industries edged higher. Consumer durable, auto, realty and metal stocks moved higher. Shares of top private sector baking stocks slipped even as a host of PSU bank stocks rallies. BSE Mid-Cap and Small-Cap indices outperformed Sensex.

At 12.16 hrs IST, the Sensex is up 124.06 points or 0.63% at 19822.42, and the Nifty up 60.55 points or 1.03% at 5967.40.About 2372 shares have advanced, 639 shares declined, and 54 shares are unchanged.

Gainers in the midcap space are Exide Industrie, Nirma, FDC, Sun Pharma Adv, Vijaya Bank, Centurion Bank, Alok Industries, Blue Dart, UB Holdings.Midcap banking space is also very active and is trading with good gains.Among the frontliners Bajaj Auto, ONGC, Cipla, Siemens, Suzlon Energy are the top gainers.

Auto stocks were in demand. Tata Motors (up 2.06% to Rs 712.50), Mahindra & Mahindra (up 2.22% to Rs 749.25), Hero Honda Motors (up 0.59% to Rs 698.50), Bajaj Auto (up 4.42% to Rs 2,452) and Maruti Suzuki India (up 0.53% to Rs 1,055) edged higher.

Metal stocks were in demand. Tata Steel (up 1.42% to Rs 856),Sterlite Industries (up 0.58% to Rs 1,025.55) , Steel Authority of India (up1.03% to Rs 265) and Hindalco Industries (up 1.96% to Rs 208.05) edged higher.

Index heavyweight and India’s largest private sector firm by market capitalisation Reliance Industries rose 0.17% to Rs 2,882.

ONGC (up 4.02% to Rs 1,295.70), Cipla (up 3.24% to Rs 186.50) and ACC (up 3.47% to Rs 1,075.75) edged higher.Satyam Computer services (down 0.62% to Rs 425.90) and ITC (down 1.1% to Rs 202.90) edged lower.

Consumer durables stocks surged. Videocon Industries (up 5.06% to Rs 422.45), Titan Industries (up 1.46% to Rs 1,539.40), Rajesh Exports (up 1.26% to Rs 865.80) and Gitanjali Gems (up 2.72% to Rs 385.50) edged higher.

Realty stocks gained. India's largest real estate firm by market capitalisation DLF rose 2.35% to Rs 958.60. It replaced Dr. Reddy’s Laboratories in Sensex today. Indiabulls Real Estate rose 5.52% to Rs 673.

Market recovers from lower level

Market edged lower on opening as investors rushed to book profits after yesterday’s record breaking rally that was triggered by easing of worries about the US credit crisis. IT stocks edged lower. Index heavyweights Reliance Industries, ICICI Bank declined.The markets are trading weak on account of selling pressure seen in frontliners from banking, capital goods, IT and power space. However, the midcaps and smallcaps are roaring as both the indices are up over 1%.

At 12.56 hrs IST, the Sensex is down 169.06 points or 0.85% at 19760.00, and the Nifty down 34.50 points or 0.58% at 5903.40.

India’s largest private sector firm and oil refiner Reliance Industries fell 0.44% to Rs 2874.75, off session’s low of Rs 2856.30.

Software stocks declined sharply after Wednesday’s rally that was triggered by easing of worries over US credit crisis.Index heavyweight Infosys Technologies slipped 2.95% to Rs 1655.95. Wipro fell 2.91% to Rs 457.50 and Satyam Computers skid 1.75% to Rs 423.20.

TCS inched up 0.32% to Rs 986 after the company said it won a four-year outsourcing deal from Social Security Institute of Mexico worth more than $200 million.

The BSE Bankex declined 2.09% to 10,991.46. Index heavyweight and India’s largest private sector bank by assets ICICI Bank slipped 2.93% to Rs 1240.50. HDFC Bank dropped 3.44% to Rs 1689, Karnataka bank fell 2.02% to Rs 223, Axis Bank fell 1.43% to Rs 975 and Bank of Baroda fell 1.04% to Rs 384.20.

India’s largest commercial lender State bank of India was up 0.03% to Rs 2346.80 on hopes the government would soon approve its right issue. SBI, 59.73% owned by the government, said last month it was planning to raise Rs 10000 crore by selling new equity around the end of 2007. On Wednesday, Finance Minister P Chidambaram said there was a strong case for the rights issue.

Tata Steel gained 2.5% to Rs 880. The company is raising Rs 9135 crore from a rights issue of equity shares and convertible preference shares. The rights issue of equity shares is in the ratio of 1:5, priced at Rs 300 per share. The issue opens on 22 November 2007 and closes on 21 December 2007.

Bharti Airtel rose 4.96% to Rs 902.25 after the company said on Wednesday, margins would not be squeezed by the introduction of number portability and it favours extending the facility nationwide. The telecom minister said on Monday number portability would begin in four cities -- New Delhi, Mumbai, Chennai and Kolkata -- by the first quarter of 2008, allowing mobile phone customers to retain their phone numbers when they switch operators.

Fertiliser stocks rose for the second day in a row on reports that the government will issue bonds worth Rs 7500 crore to fertiliser firms by end-November 2007 to compensate them for selling the commodity at discounted prices. Rashtriya Chemicals and Fertilisers (RCF) soared 10.06% to Rs 79.35, Fertilisers and Chemicals Travancore (FACT) spurted 10% to Rs 39.40, Mangalore Chemicals & Fertilisers jumped 9.30% to Rs 45.25 and National Fertilizers soared 8.28% to Rs 82.40.

Packaging firm Shetron moved up 6.16% to Rs 71.50 after its board approved acquiring unlisted Belgian firm, Shetron Sobemi Europe NV, and merging paper packaging products maker Fibre Foils with itself.

Anil Dhirubhai Ambani led financial services firm Reliance Capital soared 6.21% to Rs 2279.10 on volumes of 4.42 lakh shares.

Biggest ever single day rally in Sensex

Sensex registered its biggest intra-day absolute gains on the back of strong global cues and huge gains in index heavyweights Reliance Industries and ICICI Bank. Banking, oil & gas, IT and metal stocks were star performers. Essar Oil surged. Fertiliser stocks were in demand. Market breadth was strong.

The 30-share BSE Sensex provisionally ended up 917.66 points or 4.82% to 19,953.14. At day’s high of 19,987.71, Sensex gained 952.23 points, its biggest ever single day rise.The broader CNX S&P Nifty gained 243.35 points or 4.27% to 5938.75.

Index heavyweight Reliance Industries (RIL) soared 7.02% to Rs 2885 and ICICI Bank spurted 10.53% to Rs 1300.

HDFC Bank surged 10.55% to Rs 1747, Hindalco Industries moved up 7.37% to Rs 218.35, Wipro spurted 7.12% to Rs 472.45, Housing Development Finance Corporation (HDFC) moved up 5.98% to Rs 2742.15.

Essar Oil surged 58% to Rs 139.90 on huge volumes of 1.88 crore shares on BSE. The company and RIL have reportedly increased petrol and diesel prices by Rs 4.50 to Rs 5 per litre. As the international crude oil prices are hovering around the $100 a barrel mark, oil companies in the country are finding it difficult to maintain the profitability. The private sector fuel retailers will lose market share to the government-owned companies as PSUs sell at a lesser price.

Fertiliser stocks soared on reports that the government will issue bonds worth Rs 7500 crore to fertiliser firms by end-November 2007 to compensate them for selling the commodity at discounted prices. Rashtriya Chemicals and Fertilisers soared 20% to Rs 72.10, Fertilisers and Chemicals Travancore spurted 10% to Rs 35.85, National Fertilizers soared 10% to Rs 76.10 and Mangalore Chemicals & Fertilisers jumped 8.59% to Rs 41.10.

As per provisional data, FIIs sold shares worth a net Rs 332.84 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 264.15 crore on Tuesday, 13 November 2007.

Markets trading firm; PNB, RPL, Bharti top Nifty gainers

Market sprang up in opening bell as worries about the US credit crisis eased after several top US executives reassured investors that the US banking system can withstand shocks from credit-related losses. Power, banking and capital goods stocks were in demand.The markets are still trading firm and the capital good, metal and banking stocks continue to be in the limelight today. Broader markets have also participated in the uptrend but the frontliners have outperformed the midcap and smallcap indices.

At 12.33 hrs IST, the Sensex is up 674.63 points or 3.54% at 19710.11, and the Nifty up 187.35 points or 3.29% at 5882.75.

Reliance Industries jumped 3.49% to Rs 2790. The company has reportedly increased petrol and diesel prices by Rs 4.50 to Rs 5 per litre. As the international crude oil prices are hovering around the $100 a barrel mark, oil companies in the country are finding it difficult to maintain the profitability. The private sector fuel retailers will lose market share to the government-owned companies as PSUs sell at a lesser price.

Telecom stocks firmed up. India's largest cellular service provider by market share Bharti Airtel soared 4.92% to Rs 874 on reports it added 2.03 million subscribers in October 2007, taking its total mobile user base to 50.9 million. Meanwhile, Bharti's chairman Sunil Mittal on Wednesday, 14 November 2007, he favours mobile number portability across the country and not just in the four big metro cities.

India's second largest listed cellular service provider by market share Reliance Communications moved up 2.76% to Rs 727.

India’s largest real estate firm by market capitalisation DLF rose 2.41% to Rs 927 on reports that the real estate firm is buying Singapore-based luxury chain Amanresorts for around $250 million.

Banking, IT, metal stocks and oil & gas stocks were in demand.ICICI Bank was up 4.09% to Rs 1224.20, State Bank of India (SBI) was up 2.80% to Rs 2359, HDFC Bank was up 7.95% to Rs 1701.20 and Axis bank rose 2.16% to Rs 969.80.

Infosys Technologies jumped 3.53% to Rs 1685, TCS was up 2.41% to Rs 971.90, Satyam Computer rose 2.37% to Rs 420.30 and Wipro moved up 2.48% to Rs 452.

Jindal Saw jumped 7.72% to Rs 804, Steel Authority of India (Sail) grew 4.30% to Rs 260.50, Tata Steel moved up 3.67% to Rs 863.50 and Sterlite Industries rose 3.29% to Rs 1010.

India's largest aluminium producer by sales Hindalco Industries rose 2.97% to Rs 209.75 on reports the company had raised prices of primary aluminium by Rs 2,000 a tonne.

Markets bounce back

The bulls broke their shackles in late afternoon trade today, energised by news that the Indo-US nuclear deal may indeed see the light of day. This, after the Left said it would allow the government to discuss the deal with the IAEA, a move it had been opposing for so long.

The Nifty closed 78 points higher, at 5,695, and the Sensex shut shop 298 points higher, at 19,035.

Reliance Industries,was up 0.94% to Rs 2702, off session's low of Rs 2651.55. Its wholly owned subsidiary, Reliance Exploration and Production DMCC signed a production sharing agreement with the government of Oman for offshore block number 41 in Oman.

NTPC moved up 7.32% to Rs 272.05, HDFC Bank jumped 7.08% to Rs 1580, Larsen & Toubro jumped 4.86% to Rs 4370, State Bank of India gained 2.80% to Rs 2299.90 and ICICI Bank rose 2.82% to Rs 1179.

Wipro fell 3.60% to Rs 441.80, Mahindra & Mahindra dropped 2.59% to Rs 709.50, TCS fell 1.62% to Rs 949.95, Hindalco Industries gave away 1.11% to Rs 204.50 and Infosys Technologies slipped 1.09% to Rs 1624.Reliance Natural Resources (RNRL) soared 13.90% to Rs 168.40 on huge volumes of 3.36 crore shares on BSE.

The foreign inflows have slowed in November 2007 after the market regulator curbed the use of participatory notes used by unregistered foreigners to buy Indian shares, while the lingering credit worries in the United States have also weighed. As per provisional data, FIIs sold shares worth a net Rs 1194.38 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 65.99 crore on Monday, 12 November 2007.

Markets trading in green

The market opened lower on the back of mixed global cues and due to absence of domestic triggers to take the market higher. Reliance Industries and ICICI Bank edged lower. Power stocks were in demand. Asian stocks were trading mixed.The markets have moved into green andare trading near the high point of the day as some buying is seen at the lower levels. Bargain buying is seen in banking, power, capital good stocks. Sensex has inched above the 19,000 levels and the Nifty is hovering around the 5,700 levels.

At 1:10 pm, the Sensex was up 291.65 points or 1.56% at 19028.92, and the Nifty up 85.60 points or 1.52% at 5702.70.

Reliance Industries, India's biggest private sector firm in terms of market capitalisation and oil refiner, was up 0.94% to Rs 2702, off session's low of Rs 2651.55. Its wholly owned subsidiary, Reliance Exploration and Production DMCC signed a production sharing agreement with the government of Oman for offshore block number 41 in Oman.

India’s largest engineering & construction company in terms of revenue, Larsen & Toubro gained 2.94% to Rs 4290.

HDFC Bank moved up 7.44% to Rs 1585, and State Bank of India moved up 3.04% to Rs 2305.15. India’s largest private sector lender by assets ICICI Bank rose 2.23% to Rs 1172.20, off sessions low of Rs 1112.

Housing Development Finance Corporation (HDFC), India's largest dedicated housing finance firm in terms of revenue, jumped 3.48% to Rs 2600

Telecom stocks were in demand as the telecom ministry has decided to go in for open auction for 3G services and wireless broadband services through technologies like Wi-Max. Bharti Airtel moved up 1.64% to Rs 847 and Reliance Communications moved up 1.74% to Rs 706.90. The auction will give a chance to foreign players to bid for the spectrum space.

Auto stocks firmed up.Tata Motors moved up 2.04% to Rs 698, Maruti Suzuki India gained 1.89% to Rs 1012 and Bajaj Auto moved up 0.75% to Rs 2345.

Markets end with modest losses

The markets showed smart recovery and ended the day with moderate losses outperforming its Asian peers. The markets have shown resilience despite some disappointing IIP numbers. The pullback was seen in the final hour of trade and Nifty ended above 5,600 levels and Sensex above 18,700 mark.

Sensex was down 170.33 points or 0.90% at 18737.27, and the Nifty down 46.15 points or 0.81% at 5617.10.

Reliance Industries, India's largest private sector company in terms of market capitalisation and oil refiners, fell 2.37% to Rs 2671.

ICICI Bank moved up 0.96% to Rs 1154. The stock came off session's low of Rs 1086.

State Bank of India spurted 3.03% to Rs 2236. As per reports, the Union Cabinet is likely to take a call by 22 November 2007 on State Bank of India's proposed plan to raise about Rs 18,000 crore through a rights issue. Incidentally, the winter session of Parliament is beginning on 15 November 2007 and the government will have to get the Parliament

NTPC soared 6.51% to Rs 256, ITC jumped 5.12% to Rs 177.55, Hindustan Unilever jumped 2.61% to Rs 198.30, Cipla gained 2.42% to Rs 181.70 and Hindalco Industries 2.18% to Rs 207.

ONGC dropped 4.90% to Rs 1178, HDFC Bank fell 4.11% to Rs 1475, Bharti Airtel declined 3.91% to Rs 836.60, Infosys Technologies fell 3.60% 1642.10 and Satyam Computers dropped 3.03% 414.

Markets slump on setback in global equities

The market plunged in opening trade on worries the fallout from the US subprime markets is spreading deeper into the credit markets and will eventually slow the growth of the US economy. The concerns were rekindled on Friday, 9 November 2007, when Wachovia Corp, the fourth-largest US bank, reported a potential $1.7 billion loss on mortgage-related debt.The markets are still in red but have shown marginal recovery and are off day's low.

At 13.51 hrs IST, the Sensex is down 347.72 points or 1.84% at 18559.88, and the Nifty down 116.50 points or 2.06% at 5546.75.

Reliance Industries, India's largest private sector company in terms of market capitalisation and oil refiners, fell 2.81% to Rs 2658.10 after the company reportedly signed a contract for a second deepwater exploration block off the coast of Gulf state Oman. The exploration block is 100% owned by Reliance subsidiary, Reliance Exploration & Production DMCC.

Indiabulls Real Estate slumped 7.90% to Rs 587, DLF slipped 6.09% to Rs 858.25, Puravankara Projects skid 5.65% to Rs 383.75.

Hindalco Industries inched up 0.79% to Rs 203.90. Its board will meet today, 12 November 2007 to consider amalgamation of Indian Aluminium Company (Indal) with itself.

ITC was up 1.84% to 172 and Satyam Computers was up 1.07% to Rs 431.50.

Reliance Communications slipped 5.43% to 671, Bharat Heavy Electricals (Bhel) was down 4.52% to 2649, Hindalco Industries skid 4.60% to Rs 192.90, Reliance Energy down 3.38% to 1775.95 and Larsen & Toubro (L&T) gave away 3.65% to 3978.

Markets trading volatile

The market opened on a firm note led by gains in index heavy weights Reliance Industries and ICICI Bank. It soon came sharply off higher level. Index heavyweight Infosys Technologies declined sharply.The markets still trading weak amid volatility on account of selling taking place in the IT and banking sectors. IT stocks are still under deep pressure.

At 12:05 pm, the Sensex is down 110.36 points or 0.57% at 19290.31, and the Nifty down 23.00 points or 0.40% at 5763.50.

TCS, India’s largest software exporter by sales, was down 1.45% to Rs 990. Infosys Techonogies, India's second largest software exporter (down 5.51% to Rs 1748.85) and Wipro (down 3.38% to Rs 470.90), edged lower.

Telecom stocks declined. Reliance Communications was down 3.35% to Rs 720.45, Bharti Airtel was down 2.30% to Rs 897.30 and Idea Cellular was down 1.19% to Rs 128.55.

The Department of Telecom (DoT), on Tuesday, 6 November 2007, announced setting up of a committee to revise the spectrum allocation criterion for existing operators in a scientific and practicable manner. It may be recalled that Telecom Engineering Centre had recently finalised spectrum allocation criterion, which had made it significantly more difficult for operators to get additional spectrum.

Oil & Natural Gas Corporation (ONGC) eased after touching the day’s high of 1345. It was now up just 0.02% to Rs 1301.

GAIL India soared 6.87% to Rs 458.85 on reports that the company is looking at acquiring stake in a Nigerian LNG plant and has expressed interest in setting up a gas-based petrochemical plant in Nigeria.

Reliance Industries was up 2.54% to Rs 2723. The company has struck gas in its block KG-OSN-2001/1 (KG-III-5) in the Krishna Godavari offshore basin. The company is still evaluating the commerciality of the discovery.

Among the capital goods stocks, Bharat Heavy Electrical moved up 3.88% to Rs 2830, Jaiprakash Associates grew 2.69% to Rs 1567,and emens rose 0.86% to Rs 1793.50.

Larsen & Toubro (L&T) rose 1.68% to Rs 4,195.05 after the company said it had priced its $400 million Global Depositary Shares issue at $100 each. Each GDS represents one equity share of the company

Among power sector stocks, Tata Power fell 3.74% to Rs 1303, Reliance Energy dropped 0.76% to Rs 1829.90 and Power Grid Corporation of India fell 1.04% to Rs 152.50.

Bharati Shipyard was down 1.26% to Rs 660 after it said it secured an order worth about Rs 208 crore for delivery of two platform supply vessels to Germany's Opielok Bereederungs GMBH & Company.

Major Reliance Group shares dipped. Reliance Natural Resources fell 9.02% to Rs 147.80 on huge volumes of 2.39 crore shares on BSE. Reliance Industrial Infrastructure was locked at lower limit of 5% at Rs 2268.80. Adlab Films was down 3.26% to Rs 857. Reliance Petroleum was down 1.43% to Rs 217.10 on huge volumes of 1.83 crore shares.

Markets ends in red in volatile trade

The market ended in red in a choppy trading session. Banking and telecom stocks led the decline. Auto pivotals, Tata Motors and Maruti Udyog drifted lower. L&T witnessed selling pressure towards the fag end of the trading session. Some of the Reliance group shares tumbled.

The 30-share BSE Sensex settled 190.11 points or 0.97% lower at 19,400.67.The broader based S&P CNX Nifty was down 61 points to 5786.50.

Telecom stocks dropped. Reliance Communications lost 4.35% to Rs 745.25 and Bharti Airtel shed 2.52% to Rs 918.45.Larsen & Toubro (down 3.77% to 4125.70), and Satyam Computer (down 2.34% to 453.10) were among other top Sensex losers.

Hindalco Industries (up 4.19% to Rs 191.30), Dr Reddy's Laboratories (up 2.59% to Rs 613.35), Bajaj Auto (up 2.49% to Rs 2454.65), Bharat Heavy Electricals (up 2.29% to Rs 2724.25) and ACC (up 1.34% to Rs 1021.75) were the major gainers from Sensex.

ICICI Bank dropped 2.36% to Rs 1240.80. ICICI Bank said during trading hours today, it will cut interest rates on deposts by 0.25% to 0.50% points 12 November 2007.State bank of India fell 1.41% to Rs 2208.75, HDFC Bank fell 0.21% to Rs 1705.95, Bank of Baroda skid 6.12% to Rs 359.65 and Bank of India slipped 3.84% to Rs 367.90.

Oil and Natural Gas Corp (ONGC) ended up 0.13% to Rs 1300.75 on reports the state-run firm was in talks to buy a 30% stake in Sudan's Block 8 from Malaysia's Petronas, as well as a second exploration block.

Bajaj Auto, India's second biggest motorbike maker by sales, rose 2.49% to Rs 2454.65 on reports that it subsidiary has bought 14.5% in Austrian sports motorbike maker KTM Power Sports AG for more than Rs 300 crore.

Real estate firm Unitech settled lower 0.26% to Rs 385.15 on reports that the promoters of the company are said to be close to acquiring up to 40% stake in Orissa Sponge Iron and Steel.

Biotech firm Biocon edged higher by 1.93% to Rs 573.75 on reports that the company is in the final stages of negotiations with a drug marketing and distribution firm in the US.

Reliance Energy was up 1.32% to Rs 1844.95. It was the only gainer from the Reliance pack. Reliance Petroleum lost 17.64% to Rs 220.35, Reliance Natural Recources shed 9.02% to Rs 162.45, Reliance Industrial Infrastructure fell 5% to Rs 2388.20, Relaince Communications dropped 4.35% to Rs 745.40 and Reliance Capital slipped 3.62% to Rs 1833.55.

Reliance Industries fell 0.31% to Rs 2655.50. Morgan Stanley raised the price target on the stock by 25% to 3,150 and raised its earnings forecast by 4% for the year ending 31 March 2008. The key reasons for the upgrade were news flows on exploration and production business, including pricing contracts being signed, retail business being executed ahead of expectations and higher global refining and petrochemical margins.

Markets off day's high

The market opened on an upbeat note tracking recovery in Asian stocks after Monday (5 November 2007)'s fall caused by renewed fears over the impact of US credit crisis after US financial giant Citigroup said it may suffer up to $11 billion in write-downs for subprime losses. But it soon came off higher level on concerns about FII inflow. As per provisional data, FIIs sold shares worth a net Rs 1093.16 crore on Monday, 5 November 2007.

Currently the markets have given up some of its gains from its days high on account of some selling coming in banking, auto, IT and pharma stocks. However, metal and capital good sectors are still holding up significantly.At 12.49 pm, the Sensex is up 100.39 points or 0.51% at 19691.17, and the Nifty up 0.10 points or 0.00% at 5847.40.

Telecom stocks came under selling pressure. Bharti Airtel was down 3% to Rs 912 and Reliance Communications was down 0.8% to Rs 773. Reliance Communication said on Monday, 5 November 2007, it has tied up with Microsoft to offer Internet protocol television services.

Bank stocks came off higher level. State Bank of India was down nearly 1% to Rs 2220, off session's high of Rs 2289. ICICI Bank was down 0.4% to Rs 1266, off session's high of Rs 1298.

Power sector stocks were in good demand. Neyveli Lignite soared 17.94% to Rs 173.90, Gujarat Industries Power Company rose 4.29% to Rs 122.75, CESC rose 3.20% to Rs 590.50, Reliance Energy was up 2.70% to Rs 1869.80 and Tata Power was up 3.54% to Rs 1414.20. NTPC was up 4.05% to Rs 246.40.

India’s most valuable firm Reliance Industries rose 2.30% to Rs 2725.50 on major fund buying after the stock tumbled 1.8% Rs 2663.65 yesterday, 5 November 2007.

Oil and Natural Gas Corp (ONGC) was up 1.57% to Rs 1319.65 on reports the state-run firm was in talks to buy a 30% stake in Sudan's Block 8 from Malaysia's Petronas, as well as a second exploration block.

Bajaj Auto, India's No. 2 motorbike maker by sales, rose 1.67% to Rs 2435 on reports that it subsidiary has bought 14.5% in Austrian sports motorbike maker KTM Power Sports AG for more than Rs 300 crore.

Real estate firm Unitech was up 0.61% to Rs 388.50 on reports that the promoters of the company are said to be close to acquiring up to 40% stake in Orissa Sponge Iron and Steel.

Biotech firm Biocon rose 1.62% to Rs 571.95 on reports that the company is in the final stages of negotiations with a drug marketing and distribution firm in the US.

GMR Infrastructure was up 6.03% to Rs 202.50, Cairn India was up 1.85% to Rs 225.55, DLF rose 2.29% to Rs 936, HCl Technologies up 0.54 to Rs 308.85, NTPC was up 3.72% to Rs 249.05, Reliance Natural Resources rose 4.73% to Rs 187, Sterlite Industries was up 4..74% to Rs 1040 and United Spirits was up 0.64% to Rs 1890. These stocks have been included in the MSCI India index as part of a semi-annual rejug. The change is effective 30 November 2007. Stocks earmarked to be added to the MSCI indexes tend to rise as funds tracking these indexes will have to buy them.

Mahindra & Mahindra, India's largest tractor and utility vehicle maker by revenue, moved up 0.84% to Rs 749.10 on reports that it has put in the highest bid of 105 million pounds to take over Italian gear maker Metalcastello.

Markets end in red

Weakness in Asian markets caused by on worries about the credit market triggered by US financial giant Citigroup's announcement that it may suffer up to $11 billion in write-downs for subprime losses, hit domestic bourses today. Weakness persisted almost throughout the day today and selling was seen in most sectors.

Sensex was down 385.45 points or 1.93% at 19590.78, and the Nifty down 85.10 points or 1.43% at 5847.30.

ICICI Bank (down 4.46% to Rs 1,274), HDFC Bank (down 2.46% to Rs 1,715.50) and State Bank of India (down 0.08% to Rs 2,249.90) edged lower.FMCG majors also declined. ITC (down 2.48% to Rs 171) and Hindustan Unilever (down 1.1% to Rs 193.75) edged lower.

Auto stocks declined across the board. India’s largest truck maker by sales Tata Motors declined 2.07% to Rs 739.55. Tata Group is learnt to be leading the race to buy Land Rover and Jaguar after the second-round bidding in the auction of Ford's British brands closed on Friday, 2 November 2007.

Mahindra & Mahindra (down 1.56% to Rs 742.10), Hero Honda Motors (down 1.85% to Rs 662), Maruti Suzuki India (down 2.97% to Rs 991) and Bajaj Auto (down 0.97% to Rs 2,400) edged lower.

Larsen & Toubro (L&T) declined 2.16% to Rs 4,364.90 after the company said it has entered into a joint venture (JV) agreement with Mitsubishi Heavy Industries (MHI) for setting up a supercritical steam turbine and generator manufacturing facility in the country, with a capital outlay of around Rs 880 crore.

Metal stocks plunged. Sterlite Industries (down 3.51% to Rs 990.50), Hindalco Industries (down 1.95% to Rs 183.85), Steel Authority of India (down 1.54% to Rs 256.10) and Tata Steel (down 1.33% to Rs 882) edged lower.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 1.76% to Rs 2,665.Bharti Airtel, the country's top mobile operator in terms of market share, rose 5.94% to Rs 948 on fresh buying after the stock fell more than 11% in the last two sessions on concerns about allocation of additional spectrum.

Ranbaxy Laboratories (up 0.11% to Rs 439.05), NTPC (up 0.85% to Rs 236.75), Cipla (up 1.96% to Rs 177) edged higher.India's largest oil exploration firm by sales ONGC declined 4.47% to Rs 1,305 and was the top loser from Sensex pack.

Reliance Natural Resources surged 30% to Rs 184.65 on reports that the company has responded to the offer made by Reliance Industries to form a team and resolve the KG Basin gas controversy across the table. The move follows a recent Bombay High Court order asking both parties to resolve their differences amicably within four months.

Markets trade weak tracking global markets

Market opened on a positive note crossing 20,000 mark but soon slipped into the red tracking weak global markets.The markets are trading weak in a small range with buying seeing is select index pivotals like Ranbaxy, SBI, Bharti, Tata Power. Cues from Asia are not very encouraging as most of the Asia is in red.

At 12.45 hrs IST, the Sensex was down 85.66 points or 0.43% at 19890.57, and the Nifty down 1.80 points or 0.03% at 5930.60.

Metal stocks edged higher. Sterlite Industries (up 0.94% to Rs 1,036.20), Hindalco Industries (up 0.59% to Rs 188.60), Steel Authority of India (up 0.08% to Rs 260.30) edged higher. Tata Steel (down 0.1% to Rs 893) edged lower.

Realty stocks rose. Unitech (up 1.05% to Rs 381), DLF (up 0.72% to Rs 937.10) and Indiabulls Real Estate (up 0.3% to Rs 645) edged higher.IT stocks declined. Infosys (down 1.72% to Rs 1,875.60), Satyam Computer Services (down 0.24% to Rs 460.90), Tata Consultancy Services (down 0.55% to Rs 1,015.05) and Wipro (down 1.23% to Rs 486.75) edged lower.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 0.95% to Rs 2,686.90.India’s largest truck maker by sales Tata Motors declined 1.35% to Rs 745. Tata Group is learnt to be leading the race to buy Land Rover and Jaguar after the second-round bidding in the auction of Ford's British brands closed on Friday, 2 November 2007.

Banking majors declined. ICICI Bank (down 1.92% to Rs 1,305.90) and HDFC Bank (down 1.81% to Rs 1,727) edged lower. State Bank of India ( up 2.77% to Rs 2,314) edged higher.Ranbaxy Laboratories (up 3.14% to Rs 452.30), Bharti Airtel (up 2.53% to Rs 917.50), NTPC (up 1.79% to Rs 238.95), Cipla (up 1.24% to Rs 175.75) edged higher.

India's largest oil exploration firm by sales ONGC declined 2.64% to Rs 1,330 and was the major loser from Sensex pack.India's biggest tractor maker by sales, Mahindra & Mahindra was down 1.85% to Rs 741.55.

Reliance Petroleum moves up stake sale buzz

Reliance Petroleum moved up 1.20% to Rs 264.70 at 10:21 IST on reports US-bsed Chevron is likely to buy additional 21% in the company for over Rs 24,000 crore.

The scrip had touched a high of Rs 275 and a low of Rs 249 so far during the day. The stock had hit a 52-week high of Rs 295 on 1 November 2007 and a 52-week low of Rs 56 on 9 November 2006.

The scrip had outperformed the market in the one month to 1 November 2007, galloping 64.32% as against the Sensex's 13.83% gain. It had also outperformed the market in the past three months, surging 143.13% against the Sensex's 32.06% rise.

Mukesh Ambani-controlled refining firm has an equity capital of Rs 4500 crore. Face value per share is Rs 10.

Chevron may buy the stake for upwards of Rs 250 a share. This will be the largest inbound equity investment in the country, the report added.Reliance Industries, the parent company, had sold a 5% stake in Reliance Petroleum to Chevron in April 2006 for Rs 1,350 crore with an option to Chevron to scale up its holding to 29%.

Reliance Industries, currently holds 75% in the company. Report suggests that it is, however, not clear whether Chevron will buy the stake from Reliance Industries or fresh equity issued by Reliance Petroleum.

At the time of selling Chevron the 5% stake, Reliance Industries had made Chevron a co-promoter in Reliance Petroleum. So if Chevron buys the 21% stake from Reliance Industries, it will not trigger the mandatory open offer for another 20% holding in Reliance Petroleum. The open offer will, however, be triggered by a fresh equity issuance by Reliance Petroleum.

Reliance Petroleum was incorporated as a 100% subsidiary of Reliance Industries (RIL) in October 2005 to set up a grassroot petroleum refinery and polypropylene (PP) plant in the special economic zone (SEZ) at Jamnagar.

Weakness persists in the markets

Market opened on a weak note tracking weak global markets. It came off lower level after initial sharp slide. Reliance Industries edged lower. GSM cellular operators Bharti Airtel and Idea Cellular tumbled. Metal, banking, auto stocks declined sharply.The markets are still trading weak and languishing at the lower levels but are off day's lows. Asia continues to struggle with Taiwan and Japan being the top losers.The equity markets have taken cues from the fall in US on account of credit concerns.

At 12.10 hrs IST, the Sensex was down 187.00 points or 0.95% at 19537.35, and the Nifty down 68.60 points or 1.17% at 5797.85.

FMCG stock rose on buying at lower levels after their recent sharp fall. ITC (up 3% to Rs 177) and Hindustan Unilever (up 0.75% to Rs 195.70) and edged higher.

Auto stocks declined. The India’s largest commercial vehicles manufacturer by sales Tata Motors lost 0.44% to Rs 741 after posting 13% rise in sales at 49,354 units in October 2007 over October 2006. Its commercial vehicles sales rose 16% at 27,103 units and domestic passenger car sales up 8% at 18,021 units in October 2007 over October 2006.

Maruti Suzuki india (down 0.56% to Rs 998), Hero Honda Motor (down 2.02% to Rs 673.05) and Mahindra & Mahindra (down 1.44% to Rs 753.95), edged lower.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 0.71% to Rs 2,649.10.

India’s larget celluar services provider in terms of market share Bharti Airtel declined 5.73% to Rs 888.90 and was the top loser from Sensex pack. Idea Cellular lost 2.86% to Rs 129. The government, on Thursday, 1 November 2007, accepted Telecom Engineering Centre's report that suggested tough norms for spectrum allocation to GSM operators, a move that may make it difficult for players like Bharti, Vodafone and Idea to get additional frequency.

India’s largest public sector bank by operating income State Bank of India rose 1.48% to Rs 2,101 after it revised interest rates on domestic term deposits. It cuts interest rates on 550 day domestic term deposits by 25 basis points to 8.75% from 7 November 2007. The bank has also withdrawn its super-saver term deposit scheme for a minimum deposit of Rs 10,000, carrying a 9% interest for 4-5 years and 8.5% for deposits over 5 years.

HDFC Bank (up 0.8% to Rs 1,689) edged higher. ICICI Bank (down 2.76% to Rs 1,263) edged lower.

Cipla declined 1.19% to Rs 173.50. It has received a notice from the Government demanding Rs 49.47 crore, inclusive of interest, for alleged overcharging by the company during the period April 2006 to March 2007 in respect of the drug Salbutamol.

NTPC (up 0.84% to Rs 233.70) & Infosys Technologies (up 0.63% to Rs 1,882) edged higher.HDFC (down 2.48% to Rs 2,629.80) & Wipro (down 2.43 % to Rs 487.25) edged lower.

India’s second largest cement producer by sales ACC declined 2.03% to Rs 1,031.15 after it posted 6.66% rise in cement dispatches to 1.76 million tonnes in October 2007 over October 2006.

India's third-largest cement maker Ambuja Cements was down 0.21% to Rs 143.50 after it posted 3.6 % rise in cement shipments to 1.48 million tonnes in October 2007 over October 2006.

Market pares gains in choppy trade

Volatility characterized trading on the bourses in early afternoon trade. The market declined sharply and slipped into the red but later recovered from its lower levels instantly to trade in green. The market had surged in early trade following US Federal Reserve's interest rates cut by a quarter percentage point to 4.5% yesterday, 31 October 2007. Nifty had surpassed 6,000 mark and hit fresh all time high in early trade.

At 13.00 hrs IST, the Sensex is up 3.76 points or 0.02% at 19841.75, and the Nifty up 29.15 points or 0.49% at 5929.80.

Realty stocks declined. Unotech (down 2.23% to Rs 375.10), DLF (down 1.24% to Rs 937) and Indiabulls Real Estate (down 1.37% to Rs 639) edged lower.FMCG stocks also declined. Hindustan Unilever (down 4.26% to Rs 198.75) and ITC (down 3.04% to Rs 173.70) edged lower.

India's biggest cellular services provider in terms of market share, Bharti Airtel declined 4.13% to Rs 965.Infosys (up 1.58% to Rs 1,868.20) and ONGC (up 2.44% to Rs 1,278.40) edged higher.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 1.82% to Rs 2,728.20. Reliance Energy declined 1.22% to Rs 1,844.

Capital Goods stocks were the major gainers. India's largest engineering and construction company in terms of revenue Larsen & Toubro surged 4.25% to Rs 4,425. It hit an all-time high of Rs 4,670 today after it got engineering, procurement and construction order for the modernisation of Chatrapati Shivaji International Airport (CSIA). Bharat Heavy Electricals (up 0.56% to Rs 2,628) edged higher. Suzlon Energy (down 0.89% to Rs 1,956.10) edged higher.

Bank stocks rose after Fed rate cut. HDFC Bank rose 2.9% to Rs 1,701. It hit an all-time high of Rs 1,748 today. State Bank of India (up 0.51% to Rs 2,078.80) and ICICI Bank (up 0.08% to Rs 1,258) edged higher.

Maruti Suzuki India declined 1.13% to Rs 1,061.40 after it reported 14.96% rise in sales in the domestic market to 64,258 vehicles in October 2007 over October 2006.