Key benchmark indices staged a strong intra-day rebound in late trade tracking slump in crude oil prices and higher US stock futures. Banking and auto shares recovered sharply from early lows. Volatility was high throughout the day. The barometer index BSE Sensex saw wild swings above and below the 15,000 mark. The market breadth was negative. European shares edged higher while Asian markets were trading mixed.

US stock futures hinted higher opening on Wall Street. The Dow Jones futures are up 0.3% while Nasdaq futures are up 0.4%. US light crude slumped $2.06 to $117.96 a barrel today, 8 August 2008, as supply concerns eased after an indication that a key oil pipeline through Turkey, still burning after an explosion, may come back on line earlier than some previous expectations.

Inflation, represented by the wholesale price index (WPI), rose 12.01% in the year to 26 July 2008, slightly above the previous weeks 11.98% rise. The reading was the highest in the last 13 years. The figure was released after market hours yesterday, 7 August 2008.

Science and Technology Minister Kapil Sibal today, 8 August 2008, said the June-September monsoon rains have revived across the country and are expected to be normal.

The BSE 30-share Sensex was up 34.80 points or 0.23% to 15,152.05, as per provisional closing. It opened 80.68 points lower at 15,036.57 and slipped further to hit an intra-day low of 14,888.12 in early afternoon trade. At the days low, the Sensex lost 229.13 points. At the days high of 15,228.82 struck in mid-afternoon trade, the Sensex 111.57 gained points.

The S&P; CNX Nifty was up 3.70 points or 0.08% to 4,527.55 as per provisional closing

The market breadth was negative on BSE with 1409 shares declining as compared to 1306 that advanced. 67 remained unchanged.

The total turnover on BSE amounted to Rs 5375 crore as compared to Rs 3640 crore by 14:30 IST

Among the 30-member Sensex pack, 17 declined while the rest advanced.

Banking and auto shares rebounded sharply from early lows. ICICI Bank (up 2.80% to Rs 728.35, off days low of Rs 683.10), and HDFC Bank (up 1.54% to Rs 1273, off days low of Rs 1225), advanced.

However Indias largest state-run bank in terms of net profit State Bank of India fell marginally by 0.07% to Rs 1523 after plunging to days low of Rs 1477.40.

Fall in crude oil prices fuelled rally in auto stocks from days low. Tata Motors (down 0.21% to Rs 443.25, off days low of Rs 427), and Mahindra & Mahindra (down 0.68% to Rs 572.05, off days low of Rs 551.10), slipped.

However Indias top small car maker by sales Maruti Suzuki India rose 1.26% to Rs 677, after sliding to days days low of Rs 655.05.

Oil and Natural Gas Corporation (ONGC), the countrys largest oil exploration company by market capitalisation surged 4.21% to Rs 1066.20. It was the top gainer from the Sensex pack. The company reportedly plans to scale up its gas production in Tripura and has revised the project cost to Rs 4376 crore from Rs 1817 crore.

Indias third largest pharma company by sales, Cipla advanced 3.19% to Rs 234.70. As per reports the hearing in the Delhi High Court between Cipla and Swiss drug maker Roche has been adjourned to 11 August 2008. Roche had dragged Cipla to court due to patent infringement of Roches HIV/AIDS drug Valcyte by Cipla.

Capital goods heavyweights, Larsen & Toubro (up 3.02% to Rs 2841.05), and Bharat Heavy Electricals (up 0.30% to Rs 1780), gained

Hindalco (up 2.04% to Rs 144.90), HDFC (up 1.35% to Rs 2510), and NTPC (up 0.60% to Rs 184.55), edged higher from Sensex pack.

India's largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 1.29% at Rs 2242 on 9.34 lakh shares. The stock recovered from days low of Rs 2230.

Cement counters slipped on selling pressure. North Indias largest cement producer Ambuja Cements lost 3.66% to Rs 86.85 on 4.77 lakh shares. It was the top loser from the Sensex pack.

Other cement counters, Grasim (down 2.65% to Rs 2034), and ACC (down 1.89% to Rs 627), declined.

Indias largest cigarette maker in terms of sales ITC was down 0.63% to Rs 190.50 on reports the company may hike prices of some of its premium brands by end-August 2008.

Frontline telecom shares slipped. Bharti Airtel, the nations top mobile operator by revenue lost 1.18% to Rs 840.15. The company yesterday, 6 August 2008, said it would launch Apple Inc's third-generation iPhone in India on 22 August 2008.

Indias number two cellular services provider in terms of market capitalisation Reliance Communications (RCom) was down 0.07% to Rs 438.25. According to recent reports, the company is all set to float a $500-million tender for GSM 3G networks. At present, RCom is predominantly a CDMA-based operator which is now looking at 3G services only in the GSM space.

IT pivotals were under selling pressure. Wipro (down 2.68% to Rs 436.50), TCS (down 1.10% to Rs 842.05), Satyam Computer Services (down 2.03% to Rs 408.10), and Infosys (down 2.78% to Rs 1673.55), edged lower

DLF (down 0.91% to Rs 549.80), and Jaiprakash Associates (down 2% to Rs 183.65), and edged lower from the Sensex pack.

European markets, which opened after Indian market, edged higher. Key benchmark indices in France, UK and Germany were up by between 0.13% and 0.58%.

Asian markets were trading mixed today, 8 August 2008. Key benchmark indices in Taiwan, Japan, and South Korea were up by between 0.30% and 2.63%. However indices in China, Hong Kong and Singapore were down 0.69% and 4.47% respectively.

US stocks declined yesterday, 7 August 2008, after American International Group (AIG) posted its third consecutive quarterly loss of more than $5 billion, which fueled fears of more fallout from the credit crisis. Wal-Mart's cautious sales forecast added to concerns about consumer spending.

The Dow Jones Industrial Average slumped 224.64 points, or 1.93% to 11,431.43, the Standard & Poor's 500 index fell 23.11 points, or 1.79% to 1,266.08, while the Nasdaq Composite index dropped 22.64 points, or 0.95% to 2,355.73.

The European Central Bank and the Bank of England both left their benchmark interest rates unchanged at 4.25% and 5% respectively in a meeting yesterday, 7 August 2008, as they ponder how best to steer their economies between the shoals of mounting inflation and slowing growth.

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