The market held firm in late-afternoon trade. However, trade was choppy. Larsen & Toubro hit an all-time high of Rs 2510 on BSE. European markets opened higher today, 25 October 2007. Asian markets were in green. Total turnover on BSE crossed the Rs 6000 crore mark.

At 14:31 IST, the Sensex was up 250.64 points, or 1.35%, to 18,766.22. It had opened marginally higher at 18,519.23 and rose to strike an intra-day high of 18,784.87. At the days high of 18,784.87, the Sensex had gained 271.96 points for the day. Sensex hit a low of 18,459.51 so far during the day.

The Sensex had struck an all-time high of 19,198.66 struck on 18 October 2007.

The broader based S&P; CNX Nifty was up 63 points, or 1.15%, to 5,559.15.

The market breadth was strong on BSE: 1,583 scrips had advanced as compared to 1,060 that declined while 87 remained unchanged. 18 of the 30 members of the Sensex pack were trading with gains.

The total turnover on BSE amounted to Rs 6059 crore by 14:30 IST as compared to Rs 5012 crore by 13:30 IST.

Worlds sixth largest steel maker, Tata Steel retraced from its 52-week high of Rs 1003 struck earlier today. It was now up 7.58% to Rs 984.50 on 22.83 lakh shares. It was the top gainer from Sensex pack. The stocks surged on reports that Tata Steel is looking at investment opportunities in CSN's heartland Brazil. Tata Steel will reportedly in the next few months send a delegation to the Northern Brazilian state of Maranhao in order to evaluate investment opportunities there.

Shares of top banks surged. ICICI Bank advanced 4.59% to Rs 1148.05 and State Bank of India gained 1.89% to Rs 1944.

Capital goods majors Bharat Heavy Electricals (up 1.05% to Rs 2297.95), and Larsen & Toubro (up 2% to Rs 3471), rose on sustained buying demand. Larsen & Toubro had hit an all time high of Rs 2510 on BSE earlier during the day.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rebounded sharply from days low of Rs 2594. It was now up 1.01% at Rs 2635.95 on 9.22 lakh shares.

Indias third largest pharma company by sales, Cipla slumped 4.43% to Rs 187.75 on 9.01 lakh shares after it reported 5.73% rise in net profit to Rs 190.62 crore 25.01% rise in total income to Rs 1140.21 crore in Q2 September 2007 over Q2 September 2006. The results were announced after the trading hours on Wednesday, 24 October 2007. It was the top loser from Sensex pack.

Dr. Reddy's Laboratories, the nations third largest pharma company by market capitalisation, slipped 2.97% to Rs 611.25 after it reported a 4.5% fall in consolidated net profit to Rs 267 crore in Q2 September 2007 over Q2 September 2006. Dr. Reddy's total revenue at Rs 1267 crore was 37% below last year's Rs 2004 crore that included Rs 781 crore of one-time gains from exclusive marketing rights for two drugs. The results were announced after market hours yesterday, 24 October 2007.

IT pivotals were subdued today. Satyam Computers (down 0.95% to Rs 456.50), Wipro (down 0.57% to Rs 483.60), and TCS (down 0.32% to Rs 1044.90) edged lower. However Infosys Technologies was up marginally by 0.10% to Rs 1848.

Adani Enterprises gained 3.10% to Rs 777 on reports the company has sold 10% stake in its subsidiary - Adani Power to the British private equity firm 3i Group Plc for Rs 900 crore.

Reliance Capital eased from days high of Rs 1869.50. It was now down 0.16% to Rs 1,782.90. It posted 20.41% rise in net profit to Rs 201.28 crore on 75.58% rise in total income to Rs 391.27 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today, 25 October 2007.

Marg Constructions soared 11.41% to Rs 219.20 after its unit executed a memorandum of with Malaysia's Pembinaan Redzai Sdn Bhd to explore potential areas of cooperation. The announcement was made during the trading hours today, 25 October 2007.

Volatility is expected to remain high today as October 2007 derivatives contracts expire today, 25 October 2007. As per market data, marketwide rollover of derivative positions from October 2007 series to November 2007 series was 61% while Nifty rollover was 60%.

The Securities Exchange Board of India (Sebi)s board meets today, 25 October 2007, to take a decision on recently announced proposals. It may be recalled that on 16 October 2007, Sebi had proposed curbs on issuance of offshore derivative instruments (ODIs), also known as participatory (P) notes, based on assets under management of FIIs and prohibited sub-accounts of FIIs from issuing P notes.

The market regulator Sebi, after trading hours on Monday, 22 October 2007, provided partial breather to foreign institutional investors (FIIs) with respect to proposed restrictions on use of participatory notes and said it would speed up regulatory clearance for foreigners keen to invest transparently.

Meanwhile, on the eve of a crucial board meeting to decide on Securities & Exchange Board of India (Sebi)s proposed restriction on use of participatory notes (PN), Sebi chairman, M. Damodaran, on Wednesday, 24 October 2007, said that all the 20 PN issuing FII sub-accounts have expressed intent to convert into foreign institutional investor (FII) status.

All these 20 sub-accounts have sent their letter of intent within the 24-hour deadline that was mentioned by the Sebi on Monday, 22 October 2007. There are 34 P-Note issuing entities in the country, of which some are already FIIs. This number was 14 in March 2004.

The Reserve Bank of India's (RBI) mid-term review of annual policy due on 30 October 2007 and US Federal Reserves meeting on 31 October 2007 on interest rates, will be key events that will drive the market in the near term.

European markets opened on a firm note. Key benchmark indices in United Kingdom (up 0.98% to 6,545.60), Germany (up 0.81% to 7,892.55), and France (up 0.84% to 5,722.21), gained

Asian markets were trading with gains today, 25 October 2007. Hong Kong's Hang Seng (up 1.78% at 29,854.49), Taiwan's Taiwan Weighted (up 1.33% at 9,568.25), Singapore's Straits Times (up 1.38% at 3,699.61) and South Korea's Seoul Composite (up 2.24% or at 1,976.15) edged higher.

However Japan's Nikkei was down 0.45% at 16,284.17.

The Dow Jones industrial Average recovered from sharp early losses of over 200 points yesterday, 24 October 2007, as Merrill Lynch posted dreadful result hinting that sub-prime mortgage crisis may get bigger. Dow settled almost unchanged at 13,675.25, marginally lower by 0.98 points. The Nasdaq Composite Index, finished lower by 24.5 points at 2,774.76. S&P; 500 slipped 3.71 points at 1,515.88.

As per provisional data, FIIs purchased shares worth a net Rs 1301.87 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 383.23 crore on Wednesday, 24 October 2007.

Crude oil traded higher in Asia today, 25 October 2007 on news US energy stockpiles fell sharply last week and tensions rose in the Middle East after Turkish warplanes bombed Kurdish rebel camps in Northern Iraq. New York's main futures contract, light sweet crude for delivery in December, advanced 85 cents to $87.95 a barrel. Brent North Sea crude for December climbed 73 cents to $85.10.

The BSE 30-share Sensex rose 20.07 points, or 0.11% to 18,512.91 on Wednesday, 24 October 2007. The broader based S&P; CNX Nifty rose 22.45 points or 0.41% at 5,496.15, on Wednesday, 24 October 2007

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