Sensex ended slightly lower in highly volatile session. After opening on a firm note, market had lost ground by early afternoon trade only to recover in mid-afternoon, led by recovery in index heavyweights Reliance Industries (RIL) and ICICI Bank. The market breadth was strong. 16 shares from the 30-member Sensex pack advanced.

European markets, which opened after Indian market extended gains after Swiss bank UBS AG unveiled a fresh attempt to reverse its fortunes and its writedowns came in along expected lines. UBS posted $19 billion in additional writedowns and said it was hiving off ailing portions of the bank into a separate unit. Asian markets, which opened before Indian market were mixed. US markets ended higher yesterday, 31 March 2008.

The 30-share BSE Sensex was down 31.52 points or 0.20% at 15,612.92, as per provisional closing. Sensex lost 342.59 points at days low of 15,301.85 touched in early afternoon trade. Sensex rose 189.61 points at days high of 15,834.05 hit in early trade. Sensex oscillated in a band of 532.20 points in volatile trade.

The broader based S&P; CNX Nifty rose 6.95 points or 0.15% at 4,741.45 as per provisional closing

The market breadth was strong: On BSE 1,722 shares advanced as compared to 924 that declined. 51 shares remained unchanged.

The BSE Mid-Cap index was down 0.50% to 6,395.42 and the BSE Small-Cap index rose 0.31% to 7,865.90, as per provisional closing.

The total turnover amounted to Rs 4697 crore on BSE as compared to Rs 3609 crore by 14:30 IST. As per reports, many jobbers and arbitrageurs would have stayed away from market and will not trade today to express concern over the impact of the proposed withdrawal of securities transaction tax (STT) benefit under Section 88E on their business. The change in tax treatment on STT comes into effect today, 1 April 2008.

Indias largest private sector company in terms of market capitalisation and oil refiner Reliance Industries advanced 2.97% to Rs 2331.80 on 10.48 lakh shares. The stock moved in a range of Rs 2245.50 and Rs 2375 during the day.

Indias largest FMCG company in terms of net sales. Hindustan Unilever jumped 4.39% to Rs 238.75 on 2.49 lakh shares. It was the top gainer from Sensex pack.

Reliance Energy, the countrys largest private sector power utility company in terms of net profit surged 3.11% to Rs 1290. The stock surged the most in Sensex pack, by 152%, in the financial year ended 31 March 2008. The company has bought back 9.51 lakh equity shares aggregating Rs 122.40 crore since the start of the buyback offer on Tuesday, 25 March 2008,

Indias largest software services exporter TCS advanced 3.16% to Rs 836.50. The stock was the worst performer from Sensex pack, in the financial year ended 31 March 2008, declining 34%.

However other IT pivotals, Wirpo (down 3.60% to Rs 410), and Infosys (down 0.71% to Rs 1420), declined

North Indias largest cement maker by sales Ambuja Cements rose 0.29% to Rs 121.40 after it announced 16% rise in cement shipments to 1.72 million tonnes in March 2008 over March 2007.

ITC (up 2.25% to Rs 211), and Reliance Communications (up 2.90% to Rs 523.05), edged higher from Sensex pack.

Shares from capital goods sector recovered some losses after early sell-off. Bharat Heavy Electricals, the countrys largest state run engineering company in terms of order book position, was down 8% to Rs 1892, off session's low of Rs 1881. It was the top loser from Sensex pack. On Monday, 31 March 2008, the company secured Rs 550-crore export order for supply of boilers from Koniambo Nickel SAS, an overseas joint venture of Switzerland-based mining group Xstrata PLC and a local company in New Caledonian.

Larsen & Toubro, the countrys largest private sector engineering company in terms of order book position, lost 4.80% to Rs 2880, after hitting low of Rs 2845. On Monday, 31 March 2008, the company bagged Rs 576 crore order from Hindustan Petroleum Corporation for 2 lakh tonne per annum lube oil base stock plant consisting of raffinate hydrotreating unit, mobil selective dewaxing unit and hydro finishing unit.

Tata Steel (down 3.77% to Rs 667), DLF (down 3.60% to Rs 623.20), and Mahindra & Mahindra (down 6.44% to Rs 650.85), slipped from Sensex pack.

Banking shares staged sharp recovery from lower levels. ICICI Bank (down 1.83% to Rs 756, after hitting a low of Rs 732) and HDFC Bank (down 1.13% to Rs 1305.10, after touching a low of Rs 1271), slipped. However Indias largest bank in terms of market capitalisation State Bank of India rose 1.45% to Rs 1622.

Indias largest car maker by sales Maruti Suzuki India declined 1.51% to Rs 817 after its sales declined 2% to 70,296 vehicles in March 2008 over March 2007. Maruti domestic sales remained flat at 64,421 units in March 2008 over March 2007. Its exports fell 19 %to 5,875 units in March 2008 over March 2007.

Reliance Petroleum surged 6.75% to Rs 166.80, off sessions low of Rs 155.25 after the company said has executed a facility agreement to raise $500 million for the refinery project at Jamnagar, Gujarat. The counter saw high volumes of 1.29 crore shares

The market sentiment remains edgy as Indian companies are sitting on huge losses on account of the forex derivative transactions they undertook last year. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc has hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.

The sharp rise in inflation has also been a cause of concern. Inflation has now risen above the Reserve Bank of Indias caution limit of 5%. India's wholesale price index surged to 13-month to 6.68% in the 12 months to 15 March 2008, surging from the previous week's rise of 5.92%, government data showed on Friday, 28 March 2008.

Finance minister P Chidambaram yesterday, 31 March 2008 announced a slew of measures, in an attempt to rein in commodity prices. The measures include a total ban on non-basmati rice exports, a reduction in import duty on edible oils, allowing states to impose stock limits with traders, and also warning the steel lobby to hold the priceline.

Meanwhile the Reserve Bank of Indias governor in a statement on the same day said that he was ready to tackle unacceptably high inflation, underscoring the seriousness across government quarters on tackling the issue.

European markets were trading higher. Key benchmark indices in United Kingdom (up 0.92% to 5,754.40), France (up 1.40% to 4,773.18) and Germany (up 1.45% to 4,766.24) rose.

Asian markets were trading mixed today, 1 April 2008. Hang Seng (up 1.26% at 23,137.36), Japan's Nikkei (up 1.04% at 12,656.62), and Singapore's Straits Times (up 1.30% at 3,046.54), rose. However, Chinas Shanghai Composite index (down 4.13% to 3,329.12), South Korea's Seoul Composite (down 0.10% to 1,702.35) and Taiwan's Taiwan Weighted index (down 1.78% at 8,419.72), declined

US markets ended higher yesterday, 31 March 2008, after a plan for regulatory overhaul raised hopes for calmer financial markets. The Dow Jones industrial average added 46.49 points, or 0.38%, to 12,262.89. The S&P; 500 index rose 7.48 points, or 0.57%, to 1,322.70, and the Nasdaq Composite index gained 17.92 points, or 0.79%, to 2,279.10.

Back home, the 30-share BSE Sensex plunged 726.85 points or 4.44% at 15,644.44 on Monday, 31 March 2008, following reports of change in accounting norms, requiring Indian companies to disclose losses arising out of derivative contracts. The broader based S&P; CNX Nifty plunged 207.50 points or 4.20% at 4,734.50 on that day. The Sensex gained 2572.34 points or 19.67% in the financial year 2008, from its close of 13072.10 on 30 March 2007 while Nifty rose 912.95 points or 23.88% from its close of 3821.55 on 30 March 2007, during the same period.

As per provisional data, foreign funds sold shares worth a net Rs 865.79 crore yesterday, 31 March 2008.