The market extended gains in the early afternoon trade after IT bellwether Infosys gave a confident medium-term outlook and said it has decided to increase the dividend payout ratio to up to 30% of net profits from the current year from 20% thus far.

Healthcare and PSU stocks moved higher. Ranbaxy Laboratories was the top gainer from the Sensex pack.

Meanwhile, Asian markets, which exhibited mixed trend earlier, recovered slightly. Key indices in Taiwan, Singapore, Hong Kong and Japan were up 0.36% to 0.57%. However, indices in South Korea, Hong Kong and China were down 0.26% to 0.87%.

At 12:20 IST, the 30-share BSE Sensex was up 88.28 points or 0.56% at 15,895.92. The index gained 92.96 points at sessions high of 15,844.21 in early afternoon trade. The Sensex slipped 234.61 points at days low of 15,573.03, hit in early trade.

The S&P; CNX Nifty was up 33.05 points or 0.69% at 4810.85.

The BSE Mid-Cap index was up 0.71% at 6,569.24 and the BSE Small-Cap index was up 0.90% at 8,153.95.

The market breadth was strong: on BSE, 1409 stocks gained, 964 stocks declined and 52 stocks were unchanged.

Indias largest drug maker by sales Ranbaxy Laboratories surged 7.33% to Rs 476.30 after Anglo-Swedish drugmaker AstraZeneca reportedly said on Tuesday, 15 April 2008 it had settled US patent litigation against Ranbaxy Laboratories over its top-selling drug, ulcer pill Nexium.

Indias second largest software exporter by sales Infosys Technologies rose 5.46% at Rs 1500.76 after the company reported 1.46% rise in consolidated net profit to Rs 1249 crore on a 6.34% growth in revenue to Rs 4542 crore in Q4 March 2008 over Q3 December 2007.

Infosys has given guidance of a between 16.3% to 18.3% growth in earnings per share (EPS) to between Rs 92.32 to Rs 93.92 for the year ending March 2009 over the year ending March 2008. It has given guidance of a between 19.2% to 21.1% growth in revenue to between Rs 19894 crore to Rs 20214 crore for the year ending March 2009 over the year ending March 2008

As per US GAAP, Infosys has given guidance of a 16.7% to 18.7% growth in earnings per American Depository Shares at between $2.31 to $2.35 for the year ending March 2009 over the year ending March 2008. It has given guidance of a between 19% to 21% growth in revenue as per US GAAP to between $4.97 billion to $5.05 billion for the year ending March 2009 over the year ending March 2008

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries fell 0.54% at Rs 2538.

The BSE Healthcare index was up 1.81% at 3,990.08. Orchid Chemicals & Pharmaceuticals (up 8.03% at Rs 267.20), Piramal Healthcare (up 6.24% at Rs 327), Bilcare (up 4.67% at Rs 949), Glenmark Pharmaceuticals (up 2.91% at Rs 518.45) and Dr Reddys Laboratories (up 1.30% at Rs 598.70), moved up.

The BSE PSU index was up 1.04% at 7,521.85. MMTC (up 10% at Rs 26,847.80), Rashtriya Chemicals & Fertilizers (up 5% at Rs 60.45), Power Finance Corporation (up 4.15% at Rs 164.30), Neyveli Lignite Corporation (up 3.48% at Rs 132.15) and Chennai Petroleum (up 2.59% at Rs 327), flared up.

Bhagyanagar India, which makes non-ferrous metal products, surged 13.65% to Rs 44.55 after the company said it has scheduled a board meet on 22 April 2008 to consider buy back of equity shares.

Cement maker Grasim Industries slipped 0.49% to Rs 2538 even as the company said it has increased its stake from 25% to 45% in AV Cell Inc, a joint venture company in Canada for a total consideration of around Canadian dollar 6 million.

US markets slipped yesterday, 14 April 2008, after Wachovia declared an unexpected first quarter loss. On the other hand, a US government report declared better-than-expected growth in retail sales. The Dow Jones industrial average slipped 23.36 points, or 0.19%, to 12,302.06. The S&P; 500 index was down 4.51 points, or 0.34%, to 1,328.32, and the Nasdaq Composite index dropped 14.42 points, or 0.63%, to 2,275.82. US markets had suffered sharp losses on Friday, 11 April 2008.

Back home, Indian market remained closed on Monday, 14 April 2008 on account of public holiday.

The 30-share BSE Sensex rose 112.54 points or 0.72% at 15,807.64 on Friday, 11 April 2008. The S&P; CNX Nifty was up 44.80 points or 0.95% at 4777.80 on that day.

The wholesale price index rose 7.41% in 12 months to 29 March 2008, accelerating from the previous week's annual rise of 7%, government data showed on Friday, 11 April 2008, sparking concerns that the Reserve Bank of India may tighten monetary policy. The rate is the highest reading since 13 November 2004 when it was 7.68%. The annual inflation rate was 5.94% during the corresponding week of the previous year.

India's industrial output (IIP) rose 8.6% in February 2008 from a year earlier, rising from the previous month's upwardly revised 5.8% growth, data showed on Friday, 11 April 2008

As per provisional data, foreign funds sold shares worth a net Rs 173 crore on Friday, 11 April 2008. Domestic funds purchased shares worth a net Rs 326.04 crore on that day.

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