The market opened strong today extending Fridays gains with Sensex racing past the 16,500 mark in opening trade. Market breadth was positive.IT and consumer durables stocks gained on fresh buying. Global cues were mixed.

At 10:21 IST, the 30-share BSE Sensex was up 116.01 points or 0.73% to 16,536.01. The index climbed 217.15 points at days high of 16,632.72, hit at the onset of trading session.

The broader based S&P; CNX Nifty was up 18.95 points or 0.39% at 4,889.05.

The market breadth was positive on BSE with 1021 shares advancing as compared to 578 stocks that declined. 33 stocks remained unchanged.

The BSE Mid-Cap index rose 0.53% to 6,796.04 and BSE Small-Cap index rose 0.71% to 8,189.68. Both these indices underperformed the Sensex.

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.68% at Rs 2418.

IT stocks recent extended gains on the back of firm US dollar against the Indian rupee. Satyam Computer Services (up 2.53% to Rs 537), Wipro (up 1.75% to Rs 516.90), Infosys (up 1.81% to Rs 1993.80) and Tata Consultancy Services (up 1.63% to Rs 1046) edged higher.

Maruti Suzuki India (up 2.94% to Rs 787), Jaiprakash Associates (up 2.32% to Rs 218.15), Larsen & Toubro (up 1.19% to Rs 3016.95) edged higher from Sensex pack.

Consumer durables stocks rose. Videocon Industries (up 2.51% to Rs 359.30), Rajesh Exports (up 1.21% to Rs 87.65) and Titan Industries (up 1.39% to Rs 1190) edged higher.

Bajaj Holdings rose 2.31% to Rs 654.15. Bajaj Auto posted a rise of 7.57% in its motorcycle sales to 179,649 units in May 2008 over May 2007.The sale of total two wheelers rose 6.86% to 180,935 units, in May 2008 over May 2007. The total two and three wheeler sale rose by 4.17% to 201,511 units in May 2008 over May 2007.

Indias largest motorcycle maker by sales Hero Honda Motors rose 2.12% to Rs 762.50. It reported a 9.54 % rise in its motorcycle sales in May 2008 at 3,12,317 units as compared with 2,85,109 units in May 2007.

Monsanto India plunged 12.39% to Rs 1686.50 at after the company's shares started trading Rs 180 per share ex-dividend from today, 2 June 2008.

Emami rose 1.22% to Rs 324. It announced on 30 May 2008 that the company will acquire 1.02 lakh equity shares or 12.70% from the existing promoters of The Zandu Pharmaceuticals Works.

Triveni Engineering & Industries rose 1.97% to Rs 111.30. It has signed an agreement with TGM Turbinis Industris E Comercio, Sertaozinho, Sao Paulo, Brazil, for the manufacture and sale of impulse and reaction steam turbines of 25-45 megawatt (MW) at the company's Bangalore facility.

Bank of Rajasthan declined 4.61% to Rs 106. Its board has recommended bonus share issue in the ratio of one equity shares for every five equity shares held.

Sterlite Industries (India) rose 1.64% to Rs 950.25. As per reports, Sterlite Industries (India) acquired Asarco Llc, a Tucson-based copper mining, smelting and refining company, for $2.6 billion in cash. Sterlite will become the worlds third largest copper miner with a combined capacity of 650,000 tonnes a year.

Adhunik Metaliks rose 2.22% to Rs 172.75. Its board meet will be held today to consider merger / amalgamation of Vedvyas Ispat and M P Ispat & Power with Adhunik Metaliks.

Essar Oil rose 1.3% to Rs 226.55. As per reports, Essar Oil said it would raise a fresh debt of $5 billion to fund its $6 billion refinery capacity expansion programme at Vadinar Gujarat. The current capacity of Essar's Vadinar refinery is 10.5 million metric tonne per annum (mmtpa). It intends to increase it to 34 mmtpa.

Most of the Asian markets were trading higher today, 2 June 2008. Hong Kong's Hang Seng (up 1.27% at 24,843.52), Taiwan Weighted (up 0.55% at 8,666.48), Singapore's Straits Times (up 0.38% at 3,204.86) and Japan's Nikkei (up 0.64% at 14,430.52), China's Shanghai Composite (down 0.57% at 3,452.83) advanced.

However South Koreas Seoul Composite declined 0.57% at 1,841.5.

US markets closed mixed on Friday, 30 May 2008. Dell earnings were better than expectations and rebound in oil price led technology and energy shares higher. The Dow Jones industrial average fell 7.9 points to 12,638.32. However the technology-led Nasdaq Composite index gained 14.34 points to 2, 522.66.

Back home, the market posted decent gains on Friday, 30 May 2008, led by fall in global crude oil prices and strong Q4 GDP data. The 30-share BSE Sensex rose 99.31 points or 0.61% to 16,415.57 and the broader based S&P; CNX Nifty rose 34.8 points or 0.72% at 4870.10, on that day.

The BSE Sensex declined 234.07 points or 1.41% to 16,415.57 in the week ended Friday, 30 May 2008. S&P; CNX Nifty lost 76.45 points or 1.54% to 4,870.10 in the week.

As per provisional data, foreign funds purchased shares worth a net Rs 106.37 crore on Friday, 30 May 2008. Domestic funds bought shares worth a net Rs 729.93 crore on that day.

Foreign institutional investors (FIIs) were net buyers of Rs 333.22 crore in the futures & options segment on Friday, 30 May 2008. They were net buyers of index futures to the tune of Rs 31.71 crore and bought index options worth Rs 577.10 crore. They were net sellers of stock futures to the tune of Rs 364.21 crore and bought stock options worth Rs 88.62 crore.

U.S. light, sweet crude oil futures dipped 14 cents to $127.21 a barrel today, 2 June 2008 as traders took profits tracking the dollar for direction.

India's GDP grew a strong 8.8% in Q4 March 2008 from a year earlier, led by strong expansion in the services sector, data released by the government on Friday, 30 May 2008 showed. The Q4 annual GDP growth matched an upwardly revised 8.8% growth in Q3 December 2007. The GDP growth was 9% in FY 2008 (year ended March 2008). The government had earlier estimated annual growth of 8.7% in FY 2008.

India's inflation based on the wholesale price index rose 8.1% in 12 months to 17 May 2008, the highest reading in more than 3- years and above the previous week's annual rise of 7.82%, government data released on Friday, 30 May 2008, showed. Inflation for the week ended 22 March 2008 was revised upwards to 7.85% from 7%.

Liberalisation of imports, banning exports and a cut in excise and customs duties are some of the many steps initiated by the United Progressive Alliance (UPA) government to control inflation in the country, Finance Minister P Chidambaram said on 1 June 2008.

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