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

The BSE 30-share Sensex 196.86 points or 1.30% at 15,318.60. It opened higher at 15,131.36 and advanced further to hit a high of 15,350.91 at 12:04 IST.

The BSE Sensex has now surged 1155 points, or 8.15%, in five trading sessions, from its 14,163.98 on 23 August 2007 to 15,318.60 on 31 August 2007

The S&P; CNX Nifty gained 51.70 points or 1.17% at 4,464. The Nifty September 2007 futures settled at 4,420.70, a sharp discount of 43.30 points as compared to spot 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 BSE Mid-Cap Index rose 1.90% to 6,608.42, outperforming the broad market. The BSE Small-Cap Index gained 1.29% to 8,060.52, underperformed.

The total turnover on BSE amounted to Rs 5,038 crore as compared to Rs 5,668 crore on Thursday, 30 August 2007

The NSEs F&O; turnover was Rs 45,012.59 crore as compared to Rs 71282.94 crore on Thursday, 30 August 2007. 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.

All the sectoral indices on BSE posted gains. The BSE Auto Index (up 2.12% at 4,878.05), BSE Health Care Index (up 2.05% at 3,572.82), BSE Bankex (up 1.38% at 7,858.79), BSE Metal Index (up 2.38% at 11,565.81), BSE Realty index (up 1.76% to 7,241.65), BSE Oil and Gas Index (up 2.30% at 8,160.13) and BSE PSU index (up 2.11% to 7,095.44) outperformed the Sensex.

However, BSE Capital Goods Index (up 0.89% at 13,424.74), BSE FMCG Index (up 1.26% at 1,973.93), BSE IT Index (up 0.73% at 4,585.66), BSE Consumer Durables index (up 0.64% to 4,299.00) and BSE TecK index (up 0.94% to 3,626.58) were underperformers.

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. The stock had spurted on Wednesday, 29 August 2007, after it recorded a surge in net profit in Q1 June 2007 over Q1 June 2006 based on consolidated financial performance taking into Corus' results. The results were unveiled during trading hours on 29 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.

Indias third largest IT services provider Wipro rose 1.21% to Rs 482.45 on reports it plans to buy US analytics services provider marketRx, whose valuation is pegged at close to $160 million. The newspaper report said five suitors had expressed interest in the Bridgewater, New Jersey-based firm, which provides analytics and market research to the pharmaceutical industry, after the company mandated William Blair & Co in the United states and Avendus in India to explore options.

Indias second largest software services exporter Infosys Technologies is also in the race. Its shares were, up 0.09% to Rs 1860.

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

Sugar shares, which had surged in the previous two sessions on reports that a group of ministers (GoM) had recommended mandatory blending of 10% ethanol with petrol by October 2008 to deal with the massive oversupply of sugar, declined on profit booking.

Dwarikesh Sugar (down 4% to Rs 54), Sakthi Sugar (down 5.76% to Rs 74.50), Triveni Sugar & Industries (down 3.20% to Rs 79.25), Balrampur Chini Mills (down 3.66% to Rs 59.15), Shree Renuka Sugars (down 2.20% to Rs 526.20), Dhampur Sugar Mills (down 8.35% to Rs 50.50) and Bajaj Hindustan (down 2.2% to Rs 134.45) slipped.

Hindustan Zinc was up 3.14% to Rs 722 on reports that Sterlite Industries is planning to buy out the governments 29.54% holding in the company. After the buyout of government holdings, Sterlites stake will go up to 94.47%, which is much beyond the minimum threshold level of 90% needed for de-listing a company.

GMR Infrastructure rose 0.17% to Rs 806 after fixing 08 October 2007 as record date for the purpose of split of equity shares from Rs 10 each into 5 equity shares of Re 2 each.

Nicholas Piramal India soared 6.47% to Rs 266.60 after its board approved the spinning off its novel drug discovery research operations into a separate company as part of