The market which opened on a weak note, as the sentiment was dampened by weak global markets, recovered all the early losses to post gains, led by buying demand for banking stocks. The market witnessed volatility in early trade. Market breadth turned positive from the initial weakness on BSE.

At 11:27 IST, the BSE 30-share Sensex was up 102.04 points, or 0.55%, to 17,656.94 points. It opened 300.33 points lower at 17,259.65 and slipped to a low of 17171.45. At the days low of 17,171.45, the Sensex had lost 388.53 points for the day. Sensex hit a high of 17,669.94 so far during the day.

The broader based S&P; CNX Nifty was up 22.10 points, or 0.47%, to 5,239.80.

The BSE Mid-Cap index was up 0.40% to 7,267.82, while the BSE Small-Cap index rose 0.82% to 8,872.81. Both these indices underperformed the Sensex

Of the 30 shares of the Sensex, 16 advanced while the remaining declined. The market breadth turned positive after the initial weakness on BSE, as buying resumed for small and mid-cap stocks. 1227 scrips advanced as compared to 1020 that declined, while 58 remained unchanged.

The total turnover on BSE amounted to Rs 3003 crore by 11:30 IST as compared to Rs 2123 crore by 10:30 IST.

Shares from the banking pack led a strong recovery from lower levels on fresh buying. ICICI Bank, the countrys largest private sector bank in terms of net profit rose 3.02% to Rs 1055. Its net profit rose 32.7% to Rs 1002.60 crore on 41% growth in total income to Rs 9588.41 crore in Q2 September 2007 over Q2 September 2006. The results hit the market after trading hours on Friday, 19 October 2007.

State Bank of India (up 1.89% to Rs 1699), Union Bank of India (up 3.04% to Rs 142.50), and Kotak Mahindra Bank (up 3.11% to Rs 854), were the other gainers from banking pack.

Reliance Energy, the countrys second largest power utility company in terms of sales, jumped 5% to Rs 1400.10 on 14.69 lakh shares. The stock surged sharply from early lows of Rs 1255, on value buying. The stock plunged 18.52% in past one week to Rs 1333.25 on 19 October 2007.

North Indias largest cement manufacturer by sales, Ambuja Cements gained 4.41% to Rs 145.75 on 4.93 crore shares after three block deals of 1.57 crore shares each were executed on the counter on BSE in opening trade at an average price of Rs 144.42 per share. It was the top traded counter on BSE with total turnover of Rs 712.55 crore

Hindalco Industries (up 2% to Rs 178.15), ACC (up 3.22% to Rs 1023), and ONGC (up 2.86% to Rs 1139.75) were the other gainers from Sensex pack.

Indias largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) was up 0.08% to Rs 2472.90 on 3.70 lakh shares. It recovered sharply from early lows of Rs 2395. As a part of the restructuring exercise, RIL has reportedly decided to hive off Reliance Fresh into a separate company, Ranger Farm, for single point accountability. Reliance Fresh sells food, fruits and vegetables and consumer products.

Indias largest listed cellular services provider by sales, Bharti Airtel slipped 2.11% to Rs 948 on 2.43 lakh shares. It was the top loser from Sensex pack. The stock slipped after rival firm Reliance Communications (RCoMs) got nationwide GSM nod from department of telecoms (DoT). Meanwhile Reliance Communications advanced 1.20% to Rs 735.90

However IT stocks saw unwinding after the recent rally. Satyam Computers (down 2.01% to Rs 449.30), TCS (down 2.06% to Rs 1084), Wipro (down 1.37% to Rs 493.70) and Infosys (down 1.37% to Rs 1881.95), edged lower

Among the side counters, Megasoft (up 19.97% to Rs 123.75), Hind National Glass (up 18.3% to Rs 710), KSL & Industries (up 13.41% to Rs 195), HFCL Infotel (up 12.56% to Rs 23.30), and Supreme Infrastructure (up 11.57% to Rs 171.70), surged

Saamya Biotech (down 14.13% to Rs 13.10), Eurotex Industries (down 10% to Rs 30.50), Greaves Margonite Crucible (down 9.77% to Rs 73), Saksoft (down 7.80% to Rs 146) and Uni Abex Alloys (down 7.55% to Rs 107.15), slumped

United Breweries (Holdings) rose 1.86% to Rs 948 after a block deal of 27.82 lakh shares was struck on the counter on BSE at Rs 901 per share in opening trade.

Havells India had jumped 4.20% to Rs 635 after the company said private equity firm Warburg Pincus will pick up stake in the company. The company said it would issue 41.60 lakh equity shares of Rs 5 each at a price of Rs 625 per share aggregating to Rs 260 crore. It would also allot 26 lakh warrants at Rs 690 each aggregating to Rs 179.40 crore on a preferential basis.

Remsons Industries was up 2.65% to Rs 31 after its board approved a joint venture with US-based Orscheln Products LLC. Orscheln Products LLC is a original equipment manufacturer (OEM) for the segments like automobile, agriculture, marine, military and aviation industries with a global scope.

The crucial meeting of the panel set up by the government to look into Left fronts concerns over the Indo-US nuclear deal holds its fifth meeting today, 22 October 2007.

The Securities and Exchange Board of India chairman, M Damodaran, will hold a video conference with overseas investors today, 22 October 2007, to clarify all issues arising from the draft proposal on participatory notes (PNs) released by the regulator on Tuesday, 16 October 2007.

After trading hours on Tuesday, 16 October 2007, Sebi issued draft proposals wherein the market regulator proposed restriction on use of the popular participatory notes (PNs) route of FII inflow and it also recommended unwinding of some PNs within 18 months. PNs are financial instruments used by foreign investors that are not registered with Sebi, to invest in Indian shares. FIIs and their sub-accounts buy Indian securities and then issue PNs to foreign investors with these securities as the underlying.

Asian markets were trading weak today, 22 October 2007, in the wake of a sell-off on Wall Street on Friday, 19 October 2007. Hong Kong's Hang Seng (down 2.53% at 28,720.83), Japan's Nikkei (down 2.45% at 16,402.92), Taiwan's Taiwan Weighted (down 2.67% at 9,355.27), Singapore's Straits Times (down 2.14% at 3,667.65) and South Korea's Seoul Composite (down 3.39% at 1,903.39) all edged lower.

US markets tumbled on Friday, 19 October 2007, amid lackluster profit reports and credit concerns on Black Monday Anniversary. The Dow Jones Industrial Average plunged 366.94 points, or 2.64%, to 13,522.02. The Standard & Poor's 500 index fell 39.45 points, or 2.56%, to 1,500.63, and the Nasdaq Composite index dropped 74.15 points, or 2.65%, to 2,725.

India's wholesale price index rose 3.07% in the 12 months to 6 October 2007, lower than the previous week's 3.26% rise, government data released on Friday, 19 October 2007 showed. It was the lowest annual rise in 5 years.

Volatility is expected to remain high for in coming few days ahead of expiry of October 2007 derivatives contracts on Thursday, 25 October 2007.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 1750.76 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 186.26 crore on Friday, 19 October 2007.

Crude oil prices fell on Monday, 22 October 2007 on profit taking from record highs, but hovered near $88 on simmering geo-political tensions and a weak dollar. US light crude for November delivery fell 77 cents to $87.83 a barrel. On Friday, 19 October 2007, it touched an all-time high of $90.07. London Brent crude fell 46 cents to $83.33 a barrel.

The BSE 30-share Sensex plunged 438.41 points or 2.44% to 17,559.98, on Friday, 19 October 2007. The broader based S&P; CNX Nifty lost 135.70 points or 2.54% at 5,215.30 on that day.

The Sensex settled the week ended 19 October 2007 with a loss of 859 points or 4.7%. The S&P; CNX Nifty lost 212.95 points or 3.9% to 5215.30 in the week.

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