The market remained subdued in mid-morning trade. Bharat Heavy Electricals (Bhel) and Larsen & Toubro were major losers whereas Tata Steel and Ranbaxy Laboratories were major gainers from the Sensex pack. Steel stocks rose even as steel makers decided to rollback hike in prices. IT and capital goods stocks declined. The market breadth was positive.

At 11:20 IST, the 30-share BSE Sensex was down 131.86 points or 0.82% at 15,702.73. At the days low of 15,666.96 Sensex lost 165.59 points in mid-morning trade. At the days high of 15,896.09, the Sensex rose 63.54 points in early trade.

The broader based S&P; CNX Nifty was down 17.75 points or 0.37% at 4,753.85.

Japans Nikkei edged 0.92% lower in cautious trade today, 4 April 2008, ahead of US jobs data later in the session that will provide fresh clues on the world's largest economy. Stock markets in China, Taiwan and Hong Kong were closed today for the Tomb Sweeping Day holiday.

The market breadth was positive: on BSE 1065 shares advanced as compared to 991 that declined. 63 shares remained unchanged.

The BSE Mid-Cap index rose 0.05% to Rs 6,390.71 and BSE Small-Cap index down 0.12% to 7,849.50.

Indias largest private sector company in terms of market capitalisation and oil refiner Reliance Industries was down 0.34% to Rs 2,390.

Steel stocks rose. Shree Precoated Steel (up 2.5% to Rs 188.50), Tata Steel (up 2.21% to Rs 674.20), JSW Steel (up 1.16% to Rs 781.25), Steel Authority of India (up 1.24% to Rs 171.75), Bhushan Steel (up 1.4% to Rs 671.50) edged higher.

Steel producers have agreed to cut prices by Rs 2,000 a tonne on long products like TMT bars used in construction while most producers have agreed to roll back prices of roofing materials like galvanised corrugated sheets by Rs 500 to Rs 1,000 a tonne. The price cut followed a meeting of steel producers with government official on Thursday, 3 April 2008. The industrys assurance comes within a week after the inflation rate touched a 14-month high of 6.68% in the year through 15 March 2008.

IT stocks declined after yesterdays surge. Infosys (down 2.15% to Rs 1,488.90), Satyam Computer Services (down 1.18% to Rs 423), Wipro (down 0.83% to Rs 431.55) and Tata Consultancy Services (down 1.12% to Rs 876) edged lower.

Capital goods stocks extended losses. Bharat Heavy Electricals (down 2.95% to Rs 1,702.15) and Larsen & Toubro (down 2.83% to Rs 2,768.95) edged lower. Suzlon Energy rose 1.08% to Rs 275.

HDFC Bank (down 2.45% to Rs 1,292), Maruti Suziki India (down 2.19% to Rs 771), HDFC (down 1.76% to Rs 2,400), Mahindra & Mahindra (down 1.36% to Rs 635), Hindustan Unilever (down 0.97% to Rs 241), ITC (down 1.44% to Rs 205), edged lower from Sensex pack.

Ranbaxy Laboratories (up 4.49% to Rs 466.90), Grasim Industries (up 0.29% to Rs 2,568.25), Jaiprakash Associates (up 0.34% to Rs 233.85), and Bharti Airtel (up 0.22% to Rs 822.85) edged higher from Sensex pack.

Indian Oil Corporation (IOC) rose 0.68% to Rs 464. The company said on Thursday its crude processing rose 7.7% to 9,48,000 barrels per day in the year ended March 2008 over the year ended March 2007.

Ispat Industries rose 2.86% to Rs 30.60. Ispat managing director, Vinod Mittal, said on Thursday, 3 April 2008, the company was considering raising prices of hot-rolled coils by Rs 5,000 a tonne by next month because of rising costs.

Tata Communications rose 0.51% to Rs 538.40. It has reportedly denied rumours of holdings talks with Singapore state investor Temasek Holdings or private equity firms to sell a stake in its retail and broadband unit.

NMDC rose 5.13% to Rs 10,879 after the company set 21 April, 2008 as the record date for a 10-for-1 stock split.

Ahluwalia Contracts rose 1.91% to Rs 187 after it bagged new contracts worth Rs 354 crore.

Premier rose 2.2% to Rs 92.85. Citigroup Global Market sold 7,96,694 shares, or 2.8% stake, at Rs 90 each in Premier, data on the BSE showed on Thursday.

Colgate Palmolive India declined 0.49% to Rs 405. Colgate Palmolive India has acquired 75% shareholding in CC Health Care Products which is engaged in the manufacture of toothpowder. CC Health Care Products based in Hyderabad, has been manufacturing and supplying toothpowder to Colgate for the last several years.

As per provisional data, foreign funds sold shares worth a net Rs 393.41 crore on Thursday, 3 April 2008. Domestic funds bought shares worth a net Rs 265.39 crore.

Foreign institutional investors (FIIs) were net buyers of Rs 132.39 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 248.96 crore. They sold index options worth Rs 86.22 crore. They were net sellers of stock futures to the tune of Rs 28.70 crore and sold stock options worth Rs 1.66 crore.

US stocks edged up on Thursday, after a report that Merrill Lynch & Co does not need to raise more capital eased fears of a deeper credit crisis and offset concern that monthly jobs data would point to a recession. The Dow Jones Industrial Average gained 20.20 points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index rose 1.90 points or 0.08% to 2,363.30.

Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in Chicago. The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago.

Stock-specific activity may rule the roost on the bourses depending on the guidance given by company managements for FY 2009 at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.

Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation to a 14-month high in mid-March 2008 has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand. The government will today release inflation data for the year through 22 March 2008.

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