Good buying interest helped market end on a strong note. IT and banking stocks were in demand throughout the session. Realty and metal stocks picked up momentum in the last hour of trade. Banking stocks rose after inflation eased from more than three years' high hit in late March 2008.

Initial forecast of a near-normal monsoon this year by the Indian Meteorological Department boosted market sentiments today besides positive global cues.

The wholesale price index rose 7.14% in the 12 months to 5 April 2008, as per latest data. This was slower than the previous week's annual rise of 7.41%.

European markets that opened after Indian market were trading higher in early trade. Key indices in UK, France and Germany were up 0.29% to 0.81%.

Asian markets, which opened before Indian market, were mostly in green. Key indices in Taiwan, South Korea, Singapore, Japan, and Hong Kong were up 0.27% to 1.92%. However, China's Shanghai Composite was down 1.96%.

US stocks vaulted higher on Wednesday, 16 April 2008, after Intel Corp, JPMorgan Chase & Co and other blue chips reported earnings that reassured investors worried that a weak economy would sap corporate profits.

As per provisional closing, the 30-share BSE Sensex was up 235.36 points or 1.45% at 16,479.55. The Sensex gained 326.38 points at day's high of 16,570.57, hit in the early afternoon trade.

The S&P; CNX Nifty was up 68.3 points or 1.40% at 4955.60.

The market remains closed tomorrow, 18 April 2008, on account of Mahavir Jayanti.

The BSE Mid-Cap index rose 2.05% at 6,836.55 and the BSE Small-Cap index was up 2.14% at 8,529.52. Both these indices outperformed the Sensex.

The market breadth was strong: on BSE, 2019 stocks gained, 715 stocks declined and 44 stocks were unchanged.

BSE clocked a turnover of Rs 6683 crore as against Rs 6,800.65 on Wednesday, 16 April 2008.

Top Sensex gainers were, HDFC Bank (up 8.07% at Rs 1411), Hindalco Industries (up 6.01% at Rs 187.10), Infosys Technologies (up 4.63% at Rs 1674), DLF (up 4.07% at Rs 647.30), Tata Steel (up 3.82% at Rs 717) and Satyam Computer (up 3.45% at Rs 469.70).

Top Sensex losers were, Hindustan Unilever (down 3.65% at Rs 232.25), Larsen & Toubro (down 1.42% at Rs 2758.70), Reliance Energy (down 1.21% at Rs 1329), and ACC (down 0.53% at Rs 802).

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries rose 0.45% at Rs 2633.

Indias largest private sector bank by assets ICICI Bank was up 2.24% at Rs 834.

Steel and real estate firm Shree Precoated Steels rose 5% to Rs 190.95 on reports it planned to raise Rs 1000 crore from private equity funds.

Real estate firm Parsvnath Developers rose 2.39% at Rs 211.80 on reports the firm sold a 30% stake in a Mumbai project to foreign funds for Rs 186 crore.

Telecom provider Tata Teleservices (Maharastra) rose 14.58% at Rs 33.80 on reports the firm is planning to sell 15-30% stake to private equity (PE) investors for raising over $1 billion. The funds would be employed for the company's expansion in both CDMA and the upcoming GSM services.

Wind turbines maker Indowind Energy rose 4.70% at Rs 84.70 after it reported net profit of Rs 0.50 crore on sales of Rs 0.55 crore in the quarter ended March 2008.

Software firm Nucleus Software Exports advanced 6% at Rs 266 after the company said Reem Finance, one of the leading non banking financial institutions headquartered in Abu Dhabi has selected its flagship product FinnOne.

Gas distributor Petronet LNG gained 3.19% to Rs 79.25 after the company reported 51.52% increase in net profit to Rs 474.65 crore on 19.17% rise in total income to Rs 6608.89 crore in the year ended March 2008 over the year ended March 2007.

Mukesh Ambani-controlled Reliance Petroleum rose 1.16% at Rs 187 after the company said its 5.80 lakh barrel a day export-oriented refinery at Jamnagar, Gujarat would be completed ahead of its schedule start of December 2008.

Chennai-based BPO Dhanus Technologies gained 0.44% to Rs 240.10 after the company said it has acquired 60% stake in Hyderabad based information technology firm, Sreeven Infocom.

Gujarat Alkalies & Chemicals, which is India's largest producer of caustic soda by capacity, slipped 1.08% at Rs 192, off day's high of Rs 203. The firm signed an agreement with Dow Europe GmbH, a unit of Dow Chemical Co, to set up a joint venture company for manufacture of two lakh tonnes per annum of chlorinated organics.

India's monsoon rains are likely to be near normal this year, the Indian Meteorological Department (IMD) forecasted on Wednesday, 16 April 2008, promising robust harvests which could bolster growth in the country and soothe global food worries.

Earth sciences minister Kapil Sibal said this year's forecast should be more reliable as the IMD was using a combination of statistical and dynamic models, unlike earlier when only statistical models were applied.

IMD will update its prediction in June 2008 when it makes the second-stage forecasts. Separate forecasts for July 2008 rainfall (crucial for Kharif crop) and seasonal rainfall over the country's four geographic regions will also come in June 2008.

Wall Street shares surged to end at their highs for the day yesterday, 16 April 2008, as investors cheered the latest round of earnings, which included Intel and JP Morgan. The Dow Jones industrial average jumped 256.80 points or 2.08% to 12,619.27, the broader S&P; 500 index advanced 30.28 points or 2.27% to 1,364.71 and the Nasdaq Composite index climbed 64.07 points or 2.80% to 2,350.11.

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