The market bounced back in mid-afternoon trade. The market had slipped into the red in afternoon trade from an early surge after the industrial production data for November 2007 fell short of market expectations. The data hit the market in early afternoon trade today. Reliance Industries (RIL) edged higher. IT stocks were mixed after Infosys posted better than expected Q3 December 2007 results before trading hours. Banking stocks gained. Capital goods, power, consumer durables and FMCG stocks declined. The market breadth was weak. BSE Mid-Cap and Small-Cap indices underperformed Sensex. European markets which opened after Indian markets were mixed. Asian markets which opened before Indian market were weak today.

Industrial output rose 5.3% in November 2007 from a year earlier, well below market expectations and sharply lower than an upwardly revised annual growth of 12% in October 2007, data showed on Friday. Manufacturing production rose 5.4% in November 2007 from a year earlier, compared with a provisional annual growth of 13.3% in October 2007.

Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.5% in the week ended 29 December 2007 compared with the week ended 22 December 2007. WPI was 5.89% in the corresponding week of the previous year.

At 14:26 IST, the 30-share BSE Sensex was up 132.04 points or 0.62% to 20,714.48. It hit a low of 20,505.81 in afternoon trade. At the days low Sensex had lost 76.27 points. Sensex hit a high of 20,822.76 in early afternoon trade. At day's high, Sensex gained 240.68 points.

The broader S&P; CNX Nifty was up 8.8 points or 0.14% to 6,165.75.

The BSE Mid-Cap index was down 0.99% to 9,346.72. The BSE Small-Cap index was down 2.14% to 12,583.93.

The market breadth was weak on BSE with 470 shares advancing as compared to 2,346 that declined. 32 remained unchanged. 18 shares in Sensex pack were in red.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries was up 2.22% to Rs 3,094.15.

Power stocks were mixed. Reliance Energy (down 0.33% to Rs 2,457), and Tata Power Company (down 3.35% to Rs 1,448.20) edged lower. NTPC (up 1.35% to Rs 269.70) and PowerGrid Corporation of India (up 0.11% to Rs 139.10) edged higher.

Consumer durables stocks declined. Videocon Industries (down 5% to Rs 632.30), Gitanjali Gems (down 0.45% to Rs 410.20) and Blue Star (down 1.96% to Rs 494) edged lower.

Tata Motors rose 1.34% to Rs 759. Keeping his promise, made four years ago, to deliver a peoples car, Tata Group Chairman Ratan Tata unveiled on Thursday the Rs.1-lakh car christened Nano. The worlds cheapest car from the Tata Motors stable comes with a rear mounted all-aluminium two-cylinder 623 cc petrol engine, promises a mileage of 20 kilometer per litre, and meets all emission and safety standards.

HDFC (down 2.75% to Rs 3,043), Mahindra & Mahindra (down 2.76% to Rs 781), ACC (down 3.69% to Rs 903.95), Ambuja Cements (down 3.03% to Rs 137.50) edged lower.

Capital goods stocks declined. Larsen & Toubro (down 0.88% to Rs 4,170) and Suzlon Energy (down 4.46% to Rs 2,114) edged lower. Bharat Heavy Electricals rose 0.05% to Rs 2,437.25.

IT stocks were mixed. Indias second largest software exporter by sales Infosys Technologies declined 1.26% to Rs 1,582 after the company today reported stronger-than-expected growth in net profit in Q3 December 2007. Infosys consolidated net profit as per Indian GAAP rose 11.9% to Rs 1231 crore in Q3 December 2007 over Q2 September 2007. Sales rose 4% to Rs 4271 crore in Q3 December 2007 over Q2 September 2007.

Infosys has raised both earnings and revenue guidance for the year ending March 2008 (FY 2008). The company has forecast 18.6% growth in EPS in FY 2008 as per Indian GAAP at Rs 79.30. It has forecast a between 19.7% to 19.9% growth in revenue in FY 2008 as per Indian GAAP to between Rs 16627 crore to Rs 16657 crore.

As per US GAAP, the company has forecast 33.8% growth in consolidated earning per American depository share in FY 2008 at $1.98. The company has forecast a between 35% to 35.2% growth in revenue as per US GAAP in FY 2008 to between $4.17 billion to $4.18 billion.

Indias largest exporter of IT services by sales Tata Consultancy Services rose 1.54% to Rs 989.90. India's fourth largest IT exporter by sales Satyam Computer Services down 1.79% to Rs 412.65.

Wipro, India's third largest IT exporter in terms of sales declined 0.53% at Rs 485. The company on Thursday said its unit Wipro Infotech, had won a nine-year outsourcing contract Aircel Cellular.

Banking stocks rose. Indias largest private sector bank by assets ICICI Bank rose 5.18% to Rs 1,426. The stock rose for the second day in a row on reports the bank will list at least 4 arms starting with ICICI Securities in next 6 months though board is yet to decide on securities arm listing.

Indias second largest private sector bank in terms of net profit HDFC Bank rose 0.99% to Rs 1,737. Indias largest public sector bank by operating income State Bank of India declined 0.11% to Rs 2,406.

FMCG stocks declined. ITC (down 1.07% to Rs 217.35) and Hindustan Unilever (down 3.85% to 220) edged lower.

Precision Pipes and Profiles Company was trading at Rs 136 on BSE, a discount of 9.33% over the IPO price of Rs 150. The stock debuted at Rs 160, a premium of 6.67% over the IPO price.

Aries Agro was trading at Rs 232.75 on BSE, a premium of 79.03% over the IPO price of Rs 130. The stock debuted at Rs 150, a premium of 15.38% over the IPO price.

Bhuwalka Steel Industries rose 1.87% to Rs 101 after the company said its board will meet on 18 January 2008, to consider raising of funds by way of issue of further equity shares/convertible debentures/ warrants.

Spice Communications declined 1.61% to Rs 51.90 after it said that the Department of Telecommunications, Ministry of Communications and Information Technology, Government of India has awarded letters of intent (LOIs) to the company for providing unified access services in four telecom service areas viz. Andhra Pradesh, Delhi, Haryana and Maharashtra to the company.

European markets were mixed. Frances CAC 40 (down 0.07% to 5,396.73) and UKs FTSE 100 (down 0.07% to 6,218.20) edged lower. However, Germanys DAX rose 0.39% to 7,743.31.

Asian markets were weak today. Key benchmark indices in Hong Kong, Japan, Taiwan and South Korea were down by between 0.35% to 2.33%. Chinas Shanghai Composite rose 0.52% to 5,484.67.

The Dow Jones industrial average surged 117.78 points, or 0.92%, at 12,853.09 on Thursday, 10 January 2008. The Standard & Poor's 500 Index rose 11.20 points, or 0.79%, at 1,420.33. The Nasdaq Composite Index advanced 13.97 points, or 0.52%, at 2,488.52.

As per provisional data, FIIs sold shares worth a net Rs 253.34 crore on Thursday, 10 January 2008. Domestic mutual funds bought shares worth a net Rs 388.73 crore.

FIIs were net buyers to the tune of Rs 663.54 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 149.06 crore and bought index options worth Rs 286.05 crore. They were net buyers of stock futures to the tune of Rs 234.18 crore and sold stock options worth Rs 5.75 crore.

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