The market rallied for the fifth straight session, as investors flocked index pivotals throughout the day. Data showing robust GDP growth in the April-June 2007 quarter, declining inflation, easing of political worries and firm Asian & European markets boosted sentiment further. All the sectoral indices on BSE posted gains.

The BSE 30-share Sensex was up 181.36 points, or 1.20%, to 15,303.10, as per provisional closing. It opened higher at 15,131.36 and advanced further to hit a high of 15,350.91 at 12:04 IST.

The S&P; CNX Nifty gained 49.55 points, or 1.12%, to 4,461.85 as per provisional closing

The market breadth was strong on BSE, with 1,653 shares advancing as compared to 1,049 that declined, while 73 remained unchanged.

The total turnover on BSE spiked in last hour of trades. It amounted to Rs 5038 crore as compared to Rs 3968 crore by 14:30 IST.

India's wholesale price index rose 3.94% in the 12 months to 18 August 2007, lower than the previous week's 4.10% due to a decline in some manufactured product prices, government data showed. It is the first time when annual inflation has fallen below 4% since the end of April 2006. The annual inflation rate was 5.12% in the corresponding week of the previous year.

India's economy in the April-June 2007 quarter grew at 9.3% from a year earlier, led by robust manufacturing and services. Manufacturing grew an annual 11.9% in the April-June 2007 quarter, lower than the 12.4% in the previous quarter. Services grew at an annual pace of 10.6%, while farming expanded by 3.8%.

The economic growth of 9.4% in the fiscal year that ended March 2007 was its fastest rate in 18 years. The central bank has set a target of 8.5% growth this fiscal.

The GDP data was released by the government at about 11:00 IST today, 31 August 2007.

Meanwhile, the UPA and the Left on Thursday, 30 August 2007 agreed on a compromise formula and also agreed on the formation of a committee to look at Left objections to the 123 agreement. The committee will look into certain aspects of the bilateral agreement including the implication of the Hyde Act on the 123 agreement, self reliance in the nuclear sector and the implication of nuclear agreement on foreign policy and security cooperation.

From the 30-member Sensex pack, 24 advanced while the rest declined.

Tata Steel, the world's sixth largest steel manufacturer soared 4.51% to Rs 687 on 18.92 lakh shares. It was the top gainer from the Sensex pack. It surged 20.37% to Rs 657.35 on 30 August 2007, in the past 7 trading sessions. The stock surged after it recorded consolidated net turnover of Rs 31,155 crore for Q1 June 2007, an increase of 442% over the same period last year, on the back of Corus acquisition. Its consolidated operating profit surged 186% to Rs 4,904 crore in Q1 June 2007 over Q1 June 2006. The results also include an extraordinary item of Rs 4,121 crore primarily representing actuarial gains due to increase in yield rates on bonds held by various pension funds of Corus. The results were unveiled after market hours on 28 August 2007.

Auto stocks gained on momentum buying in the wake of possible merger & acquisition (M&A;) activity. Also receding fears of hike in petrol prices triggered further buying.

Mahindra & Mahindra, the countrys top tractor maker by sales, rallied 4.50% to Rs 705.55, off its days high of Rs 722.15. In the past seven trading sessions till 30 August 2007, the stock had soared 10.30% to Rs 675.15, riding on reports that it is conducting due diligence on Jaguar and Land Rover, put up for sale by Ford. Other potential bidders include private equity groups TPG Capital, Cerberus Capital Management, Ripplewood Holdings, One Equity Partners and Tata Motors.

Tata Motors (up 2.80% to Rs 701) and Maruti Udyog (up 4.05% to Rs 867.50) were the other gainers from the auto pack.

However Indias second largest bike maker, Bajaj Auto lost 0.74% to Rs 2347, off sharply from its days high of Rs 2400.

NTPC, the countrys largest power generation company, surged 4.06% to Rs 172.95. The stock rose after both NTPC and Reliance Industries (RIL), involved in a legal battle in the Bombay High Court over supply of natural gas, yesterday, 30 August 2007, sought an early hearing and a final decision on the petition filed by NTPC.

NTPC had earlier argued that RIL agreed to supply gas to it from its new gas finds in Krishna Godavari basin, and the agreement was finalised. However, RIL is disputing the claim, saying that agreement was not yet final and was subject to negotiations on some points.

Indias largest private sector entity in terms of market capitalisation and oil refiner Reliance Industries galloped to an all-time high of Rs 1969.90 displacing its previous all-time high of Rs 1948 struck on 26 July 2007. It rose 2.50% to Rs 1955 on 11.88 lakh shares. RIL has gained 12.20% from the recent low of Rs 1742.60 on 23 August 2007.

Indias largest bank in terms of net profit, State Bank of India was up 1.56% to Rs 1596.90 after three block deals totaling 2.45 lakh shares were struck at an average price of Rs 1886.75 on the BSE. At the strike price of Rs 1886.75, the aggregate value of all deals work out to Rs 46.29 crore.

Hindalco Industries, the countrys biggest aluminium producer slipped 0.93% to Rs 157 on 12.63 lakh shares. It was the top loser from Sensex pack.

HDFC Bank (down 0.77% to Rs 1173) and HDFC (down 0.69% to Rs 1972.30) were the losers from the Sensex pack

All the European markets, which opened after the Indian markets, were trading higher. Key benchmark indices in United Kingdom (up 0.52% to 6,244.38), Germany (up 0.38% to 7,548.33), and France (up 0.72% to 5,632.79), gained.

All the Asian markets settled higher today, 31 August 2007. Japan's Nikkei (up 2.57% at 16,569.09), Taiwan's Taiwan Weighted (up 2.41% at 8,982.16), Hong Kong's Hang Seng (up 2.13% at 23,984.14), Shanghai Composite (up 0.99% to 5,218.82), Singapore's Straits Times (up 2.16% at 3,392.91), and South Korea's Seoul Composite (up 1.71% at 1,873.24), all edged higher.

US stocks fell yesterday, 30 August 2007, on mounting concerns that credit market upheaval will erode profits and hold back consumer spending. The Dow Jones industrial average lost 50.56 points, or 0.38%, to 13,238.73. The Standard & Poor's 500 Index was down 6.12 points, or 0.42%, to 1,457.64. The Nasdaq Composite Index was up 2.14 points, or 0.08%, to 2,565.30.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 563.66 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 352.96 crore on Thursday, 30 August 2007.

As per reports, the marketwide rollover of positions from August 2007 series to September 2007 series stood at 82.3%, while Nifty rollover was 70%. The high open interest positions indicates a bullish undertone. Liquidation of outstanding positions would have signalled a dim outlook on the future course of the market. The August 2007 futures & options (F&O;) contracts expired on Thursday, 30 August 2007.

Crude oil prices steadied on Friday, 31 August 2007, as concerns over low oil stocks in the United States were compounded by a possible tropical storm forming in the Atlantic. US crude rose 24 cents to $73.60 a barrel while London Brent was up 21 cents at $72.11 a barrel.

The BSE Sensex surged 957 points, or 6.76%, in four trading sessions, from its 14,163.98 on 23 August 2007 to 15,121.74 on 30 August 2007

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