The market saw trend reversal from initial strength to end the day with losses. It slipped in negative zone since mid-afternoon trade as data showing slower growth in industrial production raised worries about economic slowdown from a robust growth in the year ended March 2007. Turnover was healthy today. Infact, yesterday also the market opened higher but settled with losses on late selling due to political worries.

Earlier today, the market had opened firm tracking rally in US stocks on Tuesday, 11 September 2007, bolstered by confidence the Federal Reserve will cut interest rates next week.

The BSE 30-share Sensex was down 39.01 points or 0.25% to 15,503.76, as per provisional closing. It opened higher at 15,608.50 and advanced further to hit a high of 15,661.44. It also slipped to a low of 15,486.81

The Sensex had slipped 55.96 points at the days low of 15,486.81. While it gained 118.67 points at the days high of 15,661.44

The S&P; CNX Nifty was down 0.80 points or 0.02% to 4,496.15 as per provisional closing

India's industrial output rose 7.1% in July 2007 from a year earlier, sharply lower than downwardly revised annual growth of 9% in June 2007 due to slower manufacturing output, data showed on Wednesday. Manufacturing production rose 7.2% in July 2007 from a year earlier, compared with provisional annual growth of 10.6% in June 2007.

The market breadth was strong on BSE, with 1610 shares advancing as compared to 1157 that declined, while 55 remained unchanged.

The total turnover spiked in last hour on trades on BSE. It amounted to Rs 5362 crore as compared to Rs 4012 crore by 14:30 IST

From 30-member Sensex pack, 23 declined while the rest of them gained.

Indias second largest listed power utility company in terms of revenue Reliance Energy (REL) hit an all time high of Rs 901.60 on BSE. It settled with a spurt of 3.59% to Rs 891 on high volumes of 15.02 lakh shares. As per reports, Supreme Court has allowed the company to bid for the Rs 2600 crore Mumbai sea link project. It was the top gainer from the Sensex pack.

Bajaj Auto, the countrys second largest bike manufacturer in terms of sales, rose 2.38% to Rs 2388. The company is reportedly targeting to sell 20,000 units of its recently lunched bike XCD in September 2007 and 50,000 in the month October 2007.

Indias top dedicated mortgage finance company in terms of sales HDFC rose 1.25% to Rs 2175, on sustained buying. It also struck an all time high of Rs 2194.95. Analysts see significant value in HDFCs insurance business, which could be unlocked in due course.

Indias top private sector entity by market capitalisation and oil refiner Reliance Industries advanced 1.30% to Rs 2012.20 on 7.52 lakh shares boosted by reports that government may approve Reliance Industries (RIL)'s pricing formula for the gas it plans to produce from July next year, with minor changes. The stock struck an all time high of Rs 2022 in intra-day trade.

The empowered Group of Ministers (eGoM) today left the decision on the gas price that RIL can charge its customers to External Affairs Minister Pranab Mukherjee. Mukherjee is likely to give his decision after his return from the South East Asian tour on 19 September 2007

NTPC, the nations largest power generation company by sales slumped 3.04% to Rs 189.80 on 15.36 lakh shares. It was the top loser from the Sensex pack.

Domestic pharma counters slipped on profit booking. Dr Reddys Laboratories (down 0.95% to Rs 645), Ranbaxy Laboratories (down 0.49% to Rs 417.75), and Cipla (down 1.27% to Rs 175.45) were the losers from pharma sector.

Banking pivotals saw some unwinding. ICICI Bank (down 1.69% to Rs 886), and HDFC Bank (down 0.53% to Rs 1181.50) were the losers from Sensex pack.

Among side counters, Salora International (up 10% to Rs 187.90), IndusInd Bank (up 10.78% to Rs 63.20), Tanla Solutions (up 10% to Rs 530.90), and Gemini Communions (up 20% to Rs 264.15), surged

Gulf Oil Corporation (down 6.13% to Rs 1200), Simplex Castings (down 4.94% to Rs 80.75), and Phoenix Mills (down 4.57% to Rs 2130), slipped

Meanwhile, the government held initial talks with its communist allies yesterday, 11 September 2007 over a controversial India-US nuclear deal. External Affairs Minister Pranab Mukherjee said after the 45-minute meeting that the UPA government and its Left allies set ground rules for further talks and the committee would meet again on 19 September 2007.

European markets were trading mixed today, 12 September 2007. Key benchmark indices in United Kingdom (down 0.22% to 6,267.10) and Germany (down 0.23% to 7,440.98) slipped. However Frances CAC 40 index rose 0.11% to 5,485.06

Most of the Asian markets were trading lower today, 12 September 2007. Hang Seng (up 1.49% at 24,310.44), Taiwan Weighted (up 0.17% at 9,018.12) and Singapore's Straits Times (up 0.33% at 3,506.09) gained.

However, South Korea's Seoul Composite (down 1.83% at 1,813.52) and Japan's Nikkei (down 0.50% at 15,797.60), slipped

The Dow Jones Industrial Average (DJIA) rose 180.54 points, or 1.38%, to 13,308.39 on Tuesday, 11 September 2007. The Standard & Poor's 500 index rose 19.79 points, or 1.36%, to 1,471.49, while the Nasdaq Composite index rose 38.36 points, or 1.50%, to 2,597.47.

Crude oil prices held near a record high over $78 a barrel on Wednesday, 12 September 2007, after OPEC's token output increase failed to soothe consumers' worries about falling inventories. US light crude for October delivery rose 8 cents to $78.31 a barrel, after a record close yesterday, 11 September 2007 of $78.23, and within striking limit of 1 August 2007s record high of $78.77.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 256.59 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 444.75 crore on Tuesday, 11 September 2007.

Meanwhile, in a move that could boost FII investments in India, the Securities and Exchange Board of India (Sebi) permitted acceptance of foreign sovereign securities with AAA rating by clearing members as collateral from FIIs for exchange traded derivative transactions. Currently, collateral deposited by FIIs with the clearing members for derivative transactions is in the form of cash. The RBI has already given permission for the new facility.

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