The market witnessed a strong rebound in mid-afternoon trade as index heavyweight Reliance Industries bounced back. Earlier, the market had recovered from lower level after an initial sharp fall caused by weak global markets. It had, however, failed to sustain higher level. European markets opened weak. Asian markets edged lower following a setback in US stocks yesterday, 1 November 2007.

State Bank of india and Reliance Energy, too, made a strong recovery. ONGC hit all-time high in afternoon trade. GSM cellular operators Bharti Airtel and Idea Cellular tumbled. FMCG stocks rose. Auto, metal,IT stocks declined. Market breadth was weak. BSE Mid Cap & Small Cap indices outperformed Sensex. Asian markets edged lower following a setback in US stocks yesterday, 1 November 2007.

Annual inflation, based on the wholesale price index (WPI), rose 3.02% in the week ended 20 October 2007, below the previous week's 3.07% rise. The inflation rate is now at its lowest since 19 October, 2002 when it stood at 3.01%. Inflation data hit the market at around 12:00 IST today.

At 14:28 IST, the Sensex was down 61.34 points or 0.29% to 19,666.52. It opened with a downward gap of 359.74 points and soon declined to hit a low of 19,255.77. At days low of 19,255.77, Sensex had lost 468.58 points.

The broader based S&P; CNX Nifty was down 21.35 points or 0.36% to 5,845.10.

The market breadth was negative on BSE: 1,157 scrips advanced as compared to 1,512 that declined while 405 remained unchanged. 13 of the 30 Sensex stocks were trading with gains.

The BSE Mid Cap index rose 0.16% to 7,979.63 and BSE Small Cap index rose 0.53% to 9,698.53. Both these indices outperformed Sensex.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rose 0.2% to Rs 2,677. It came off from session's low of Rs 2,605. Reliance Energy rose 3.35% to Rs 1,827.10. It came off from session's low of Rs 1,680.

Indias largest public sector bank by operating income State Bank of India (SBI) rose 4.59% to Rs 2,167 and was the top gainer from Sensex pack after it revised interest rates on domestic term deposits. SBI cut interest rates on 550 day domestic term deposits by 25 basis points to 8.75% from 7 November 2007. The bank has also withdrawn its super-saver term deposit scheme for a minimum deposit of Rs 10,000, carrying a 9% interest for 4-5 years and 8.5% for deposits over 5 years.

HDFC Bank (up 2.06% to Rs 1,711) edged higher. ICICI Bank (down 1.84% to Rs 1,275.05) edged lower.

IT stocks declined. Satyam computer Services (down 0.98% to Rs 466.20), Tata Consulatancy Services (down 0.53% to Rs 1,015) and Wipro (down 2.65% to Rs 486.90) edged lower. Infosys (up 0.72% to Rs 1,883.60) edged higher.

Indias largest oil exploration firm by revenue ONGC rose 1.19% to Rs 1,346. It hit an all time high of Rs 1,386.90 today.

Grasim Industries (up 1.09% to Rs 3,706) edged higher.

Metal stocks declined. Tata Steel (down 0.41% to Rs 881.50), Sterlite Industries (down 1.24% to Rs 1,014.60), Steel Authority of india (down 0.52% to Rs 256.35) and Hindalco Industries (down 2.1% to Rs 183.95) edged lower.

FMCG stock rose on buying at lower level after their recent sharp fall. Indias largest cigarette maker by sales ITC rose 2.3% to Rs 175. Hindustan Unilever was flat at Rs 194.25.

The Indias largest commercial vehicles manufacturer by sales Tata Motors lost 0.9% to Rs 751 after posting 13% rise in sales at 49,354 units in October 2007 over October 2006. Its commercial vehicles sales rose 16% at 27,103 units and domestic passenger car sales up 8% at 18,021 units in October 2007 over October 2006.

Mahindra & Mahindra, India's biggest tractor maker by sales, declined 1.42% to Rs 754.05 after it signed an agreement with Navistar International Corporation to a set up a joint venture to produce diesel engines for medium and heavy commercial trucks and buses in India.

Indias larget celluar services provider in terms of market share Bharti Airtel declined 6.78% to Rs 879 and was the top loser from Sensex pack. Idea Cellular lost 2.86% to Rs 129. The government, on Thursday, 1 November 2007, accepted Telecom Engineering Centre's report that suggested tough norms for spectrum allocation to GSM operators, a move that may make it difficult for players like Bharti, Vodafone and Idea to get additional frequency.

Cipla declined 1.33% to Rs 173.85. It has received a notice from the Government demanding Rs 49.47 crore, inclusive of interest, for alleged overcharging by the company during the period April 2006 to March 2007 in respect of the drug Salbutamol.

Indias second largest cement producer ACC declined 3.1% to Rs 1,019.90 after it posted 6.66% rise in cement dispatches to 1.76 million tonnes in October 2007 over October 2006.

India's third-largest cement maker Ambuja Cements rose 0.14% to Rs 144 after it posted 3.6 % rise in cement shipments to 1.48 million tonnes in October 2007 over October 2006.

Indias biggest dedicated housing finance firm in terms of revenue HDFC lost 2.71% to Rs 2,623.80.

Parle Software (up 20% to Rs 1,201.80), Amrutanjan Drugs & Chemicals (up 20% to Rs 545.75), Shetron (up 19.88% to Rs 61.80) and Polyplex Corporation (up 20% to Rs 203.75) edged higher.

Denison Hydraulics India (down 10% to Rs 783.05) and Universal Starch (down 9.74% to 17.15) edged lower.

European markets opened weak. Frances CAC 40 (down 0.78% to 5,686.10), Germanys DAX (down 0.81% to 7,817.40) and UKs FTSE 100 (down 1.02% to 6,518.80) edged lower.

Asian markets slumped today, 2 November 2007, hurt by an overnight sell-off on Wall Street. Hang Seng (down 3.25% at 30,468.34), Nikkei (down 2.09% at 16,517), Taiwan's Taiwan Weighted (down 3.39% at 9,273.09), Singapore's Straits Times (down 2.13% at 3,722.65) and South Korea's Seoul Composite (down 2.12% at 2,019.34) all edged lower.

US markets tumbled yesterday, 1 November 2007, after brokerages downgraded Citibank and Bank of America, sparking fears of more credit crisis fallout. The Dow Jones industrial average slumped 362.14 points or 2.60%, to 13,567.87. The Standard & Poor's 500 index declined 40.94 points, or 2.64%, at 1,508.44, while the Nasdaq Composite index dropped 64.29 points, or 2.25%, to 2,794.83.

The Sensex slipped 113.64 points, or 0.57%, to 19,724.35 on Thursday, 1 November 2007. The broader based S&P; CNX Nifty declined 34.20 points, or 0.58%, to 5,866.45, on Thursday, 1 November 2007.

As per provisional data, FIIs purchased shares worth a net Rs 74.25 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 56.22 crore on Thursday, 1 November 2007.

New York's main futures contract, light sweet crude for delivery in December gained 41 cents to $93.90 a barrel. Brent crude was up 71 cents to $90.43 a barrel.

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