Market remained range bound in afternoon trade after it had firmed up to hit fresh record high in early afternoon trade when Sensex had come close to 20,000 mark. Reliance Industries surged to all-time high in afternoon trade. Expectations that the US Federal Reserve would cut interest rates this week and that it will ease monetary policy further in the coming months, boosted the bourses today. European markets started on a positive note today. Asian markets were firm.

Maruti Suzuki pared gains. Capital goods, metal, auto & banking stocks surged. Bharat Heavy Electricals, Larsen & Toubro, NTPC, State Bank of India, Grasim Industries, HDFC Bank, ICICI Bank, Maruti Suzuki, ONGC hit all-time highs today.

At 13:22 IST, BSE Sensex was up 676 points or 3.51% to 19,919.37. It opened with an upward gap of 378.22 points at 19,621.39. Sensex hit an all-time high of 19,984.18 in early afternoon trade. At day's high of 19,984.18, Sensex had gained 741.01 points. The barometer index is now within striking distance of 20,000 mark.

The broader based S&P; CNX Nifty was up 197.25 points, or 3.46%, to 5,899.55. It hit an all-time high of 5,913.75 today.

The BSE Mid Cap index (up 1.82% to 8,064.43) and BSE Small Cap index (up 1.7% to Rs 9,713.17) edged higher. Both these indices underperformed Sensex.

Auto stocks also rose. Mahindra & Mahindra (up 1.78% to Rs 816), Bajaj Auto (up 1.1% to Rs 2,550), Hero Honda Motors (up 1.01% to Rs 7440) edged higher.

Maruti Suzuki was up 1.56% to Rs 1,199.80. The stock came off higher level. It had all-time high of Rs 1,252 earlier during the day. The car maker unveils Q2 September 2007 results today.

ONGC rose 7.27% to Rs 1,241. It hit an all time high of Rs 1,250 today.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rose 4.78% to Rs 2,821.It hit an all time high of Rs 2,828. RIL is reportedly in talks to acquire some manufacturing facilities from Arvind Mills, mainly in the denim segment. The proposed acquisition is part of RILs increased focus on the apparel business.

Capital goods stocks rose sharply. Bharat Heavy Electricals rose 8.98% to Rs 2,650.10. It hit an all-time high of Rs 2,697.90 ahead of its results today. Larsen & Toubro surged 10% to Rs 4,265.05. It hit an all-time high of Rs 4,300 today. Suzlon Energy (up 2.67% to Rs 2,000) edged higher.

National Thermal Power Corporation rose 3.87% to Rs 237.35. It hit an all-time high of Rs 240 today. Net profit of NTPC rose 30.64% to Rs 1925.50 crore on 17.66% rise in sales to Rs 8016.90 crore in Q2 September 2007 over Q2 September 2006. The results were announced on Saturday, 27 October 2007.

HDFC rose 4.05% to Rs 2,670.

Banking majors surged to hit all time high. State Bank of India rose 3.6% to Rs 2,159. It hit an all time high of Rs 2,179.70 today. State Bank of India's net profit rose 36.04% to Rs 1611.42 crore on 33.42% rise in total income to Rs 13658.22 crore in Q2 September 2007 over Q2 September 2006. The results were announced on Saturday, 27 October 2007.

HDFC Bank rose 5.42% to Rs 1,629.90. It hit an all time high of Rs 1,660 today. ICICI Bank rose 2.83% to Rs 1,218. It hit an all time high of Rs 1,265 today.

Metal stocks also surged. Steel Authority of India (up 1.01% to Rs 265.45), Hindalco Industries (up 0.44% to Rs 194.60) and Sterlite Industries (up 4.65% to Rs 1,001) edged higher. Tata Steel declined 8.45% to Rs 906.90 . The stock today turned ex-rights.

ACC (down 0.69% to Rs 1,072), Dr. Reddys Laboratories (down 0.32% to Rs 610) and Cipla (down 0.03% to Rs 184.95) edged lower.

Grasim Industries rose 2.05% to Rs 3,849.90. It hit an all-time high of Rs 4,074 today. The Aditya Birla Group company on Saturday, 27 October 2007 said it registered a 47.90% jump in net profit to Rs 499.78 crore on 25.30% rise in net sales to Rs 2519.23 crore in Q2 September 2007 over Q2 September 2007.

Side counters, MRF (up 20% to Rs 6,748.65), Welcast Steels (up 20% to Rs 1,123.70), Nesco (up 20% to Rs 2,230.35), Josts Engineering Company (up 20% to Rs 528), Texmaco (up 20% to Rs 1,383.05) edged higher.

Panasonic Home Appliances India declined 11.77% to Rs 40.10.

European markets opened strong. Frances CAC 40 (up 0.6% to 5,794.87), Germanys DAX (up 0.21% to 7,949.17) and FTSE 100 (up 1.29% to 6,661.30) edged higher.

Asian markets advanced today, 29 October 2007, following a spurt on Wall Street on Friday, 26 October 2007, with Hang Seng and Seoul Composite hitting record highs. Hong Kong's Hang Seng (up 3.62% at 31,504.67), Japan's Nikkei (up 1.17% at 16,698.08), Taiwan's Taiwan Weighted (up 1.85% at 9,809.88), South Korea's Seoul Composite (up 1.74% at 2,063.47), and Straits Times (up 1.15% at 3,815.02), edged higher.

US markets advanced on Friday, 26 October 2007 as strong earnings from Microsoft Corp. and an optimistic outlook from Countrywide Financial Corp. outweighed investor concerns about the economy.

The Dow Jones industrial average gained 134.78 points, or 0.99%, to 13,806.70. The S&P; 500 index gained 20.88 points to 1,535.28, and the technology-dominated Nasdaq Composite index advanced 53.33 points, or 1.94%, to 2,804.19.

As per provisional data, FIIs sold shares worth a net Rs 1237.35 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 965.96 crore on Friday, 26 October 2007.

US crude oil futures jumped more than $1 a barrel to surpass $93 for the first time on Monday, 29 October 2007, supported by news of a halt to one-fifth of Mexico's oil output as well as the weak US dollar and geopolitical tension. It was up $1.28 a barrel at $93.14.

Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.07% in the week ended 13 October 2007 compared with the week ended 6 October 2007, data released on Friday, 26 October 2007 showed.

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