The market held firm in mid-morning trade even as it had pared gains. Banking, auto, IT and metal stocks were in the limelight. The market breadth was strong. 27 out of 30 stocks from the Sensex pack were in green. 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.

The market has been volatile over the past few days due to alternate bouts of buying and selling amid FII sales caused by redemption pressure in their home countries and fears of a US recession arising from US housing slump and credit crisis.

As 11:20 IST, the 30-share BSE Sensex was up 263.86 points or 1.39% to 19,202.73. The Sensex hit a high of 19,297.01 in early trade At day's high, the Sensex gained 358.14 points.

The broader based S&P; CNX Nifty was up 63.30 points or 1.13% to 5680.85. Nifty hit a high of 5725 in early trade. At day's high, Nifty had risen 107.45 points.

The BSE Mid-Cap index was up 0.54% to 8,428.90. The BSE Small-Cap index was up 0.65% to 10,442.37.

The market breadth was strong. On BSE, 1511 stocks advanced, 934 stocks declined and 81 stocks remained unchanged.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries was up 1.39% at Rs 2825.

Indias largest public sector oil explorer 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.

Indias largest private sector bank by assets ICICI Bank gained 2.69% to Rs 1157.10.

The BSE Metal index 2.05% to 17,324.97. 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.

The BSE Realty index was up 1.42% to 10,212.10. 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.

Indias largest real estate firm by market capitalisation 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.

Jubilant Organosys rose 0.44% to Rs 306 on reports that the firm is evaluating various proposals to acquire companies in the contract research and manufacturing services, drug discovery and clinical research segments in the US and Europe. It has earmarked around $100 million for acquisition.

Electric equipment maker Kirloskar Electric Company rose 1.33% to Rs 372.50. The board of directors of Kirloskar Electric Company on Wednesday, 28 November 2007 approved the merger of the operating business of Kirloskar Power Equipments with itself. The board also approved merger of its subsidiary Kaytee Switchgear with itself.

Ship building firm ABG Shipyard jumped 4.49% to Rs 857 after the company said its board had approved raising funds through issue of equity shares to qualified institutional buyers and convertible warrants to the promoters.

United Spirits, part of the UB Group, gained 1.41% to Rs 1878 on reports that the firm will be merging Shaw Wallace with itself. United Spirits during mid 2005 had acquired Shaw Wallace for around Rs 1,300 crore.

Among the side counters, Ispat Industries jumped 8.54% to Rs 47.65, Sun TV Network jumped 5.78% to Rs 363.50, Central Bank of India moved up 5% to Rs 132, VSNL gained 3.38% to Rs 550.10 and Rolta India rose 3.07% to Rs 705.

In Asia, key benchmark indices in Hong Kong, Japan, China, South Korea, Singapore and Taiwan were up by between 2.06% to 4.10%. The Fed's next policy-setting meeting is scheduled for 11 December 2007.

US markets rallied overnight on expectations for an interest rate cut by the US Federal Reserve in December 2007. The Dow Jones industrial average jumped 331.01 points, or 2.55%, at 13,289.45 on Wednesday, 28 November 2007. The Standard & Poor's 500 Index was up 40.79 points, or 2.86% at 1,469.02. The Nasdaq Composite Index was up 82.11 points, or 3.18%, at 2,662.91.

Crude oil prices declined sharply for a second day in a row on Wednesday, 28 November 2007.

FIIs sold shares worth a net Rs 978.96 crore in the cash market on Wednesday, 28 November 2007, as per provisional data. Domestic funds bought shares worth a net Rs 331.82 crore on that day.

FII outflow in November 2007, till 27 November 2007, reached Rs 4422.30 crore. FIIs had made heavy purchases in September 2007 and October 2007. FIIs had bought shares worth a net Rs 16132.60 crore in September 2007 and Rs 20590.90 crore in October 2007.

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